After exchange, who is liable for any damage to the property, excluding fair wear and tear?

• A. Seller
• B. The building contractor
• C. Buyer
• D. Neither party

Answer: (C)

After exchange, the risk of loss in land transfers to the purchaser. This means any damage to the property that occurs before completion is borne by the buyer, subject to the exclusion of fair wear and tear. The seller isn’t obliged to repair damage that happens after exchange unless the contract provides otherwise. This rule reflects the buyer taking the property “as is” on completion and having to bear the loss until completion, unless a contract term changes that. The other options don’t fit because the building contractor isn’t automatically responsible after exchange, the seller isn’t generally liable for post-exchange damage, and there is a clear rule allocating risk to the buyer.