What is the Uniform Vendor and Purchaser Risk Act's main principle?

The main principle of the Uniform Vendor and Purchaser Risk Act is that the seller is liable for losses until title passes to the buyer. This means that until the ownership of the property officially transfers from the seller to the buyer, the seller carries the risk of any damage or loss to the property. This principle serves to protect the buyer during the period leading up to the completion of the sale, ensuring that they are not financially responsible for potential losses that occur before legal ownership is established.

The rationale behind this principle is to encourage sellers to maintain the property in good condition until the transaction is finalized, thereby providing security to the buyer. This legal framework recognizes that the buyer has a vested interest in the property even before the title transfer happens, making it fair for the seller to bear the risk related to the property's condition during that time.