Uniform Vendor and Purchaser Risk Act

Uniform Vendor and Purchaser Risk Act

Definition

A uniform act, adopted by the National Conference of Commissioners on Uniform State Laws in 1935, according to which a contract for the sale of real property is unenforceable, and the seller is obligated to return the buyer's down payment if, through no fault of the buyer, all or a material part of the property is destroyed prior to closing.

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