The hurricane season is here. What happens if a property is damaged during a sale in progress?

When a disaster occurs on a property during a pending real estate transaction, many important issues need to be addressed. The health and safety of everyone involved is of paramount importance.

Be aware of these four issues so you can help yourself navigate their way through this difficult time.

1. Agents. Speak with your agent as soon as possible. Keep everybody as informed as possible of what is known and what is not. Be patient and encourage anyone involved with the transaction to do the same. Many people are implicated in this difficult situation, and you will all need to work together to get there.

2. Contracts. Review the purchase agreement with your agent as most have provisions addressing damages that occur to the property prior to closing, and whether such damage occurs "in the ordinary course" or due to dramatic events like hurricane.

Contracts may also contain provisions that address what happens when one or both parties are unable to perform their obligations beyond their control. In general, this provision provides that such non-performance is not a breach. This provision is sometimes called "Force Majeure" or an "Acts of God" clause.

The purchase agreement may also address under what circumstances a buyer or seller may change the closing date. The seller and buyer are always free to work together to amend the contract and obligations based on any new circumstances.

3. Insurance. File a homeowners insurance claim, or at least notify the carrier of the claim, as soon as possible. Document and inventory all damages in writing, photos and video. Keep records of everything they spend on repairs and replacements. For details on the National Flood Insurance Program, go fema.gov.

4. Lending. Buyers should check with the lenders to determine how they will handle re-inspections or re-appraisals that may be required. Sellers should notify their lender and inquire about fee waivers and deferment options. Both parties should ask lenders about about additional costs and/or time frames caused by the disaster, even if the property is not in a designated Federal Emergency Management Agency (FEMA) disaster area.