Q. The house I’m closing on in two weeks just had a flood. Do I still have to buy it?

A. It depends. Your sales contract specifies your rights if such an event should occur. Generally, the contract will specify that as long as the damage can be repaired within “x” period of days of closing, the buyer is still obligated to purchase the dwelling. The default time period is 14 days if a specific number of days is not written. If the repairs take longer than the specified period of time and you choose to exercise this option, you must notify the seller in writing of your intent to terminate the contract and your deposit should be refunded, releasing both parties of all other obligations of the contract.