In most states, if your contract does not cover damage to the property, the risk of loss is on the seller. This means that, if the building is damaged by fire, for example, before the closing, the buyer can cancel the purchase unless the seller restores the building to its earlier condition.

This is an important issue and it is best to cover it in the contract rather than to rely on the existent law. You and the seller can adjust this term to meet your own needs and wishes. In case of a legal dispute, a judge or arbitrator will make every effort to carry out the intentions of the parties as it was stated in the contract.