Which Act addresses risk of loss between vendor and purchaser in real property transactions?

• A. NY RPL
• B. DRL
• C. Uniform Vendor & Purchaser Risk Act
• D. NY GOL

Answer: (C)

The main idea here is who bears the risk if the property is damaged or destroyed during the gap between signing the deal and closing. The Uniform Vendor & Purchaser Risk Act provides a uniform rule for allocating that risk in real property transactions. It helps courts and parties know, by default, who should bear losses from events like a fire or collapse while the contract is still in effect, and it also allows the contract itself to override the default. This makes outcomes more predictable across jurisdictions. The other statutes mentioned don’t specifically establish this risk-of-loss framework for vendor-purchaser transactions, so the uniform act is the one that addresses this issue.