What happens to a buy/sell agreement if the seller passes away 2 days before closing?

Get Legal Help Today

Compare Quotes From Top Companies and Save

secured lock Secured with SHA-256 Encryption

What happens to a buy/sell agreement if the seller passes away 2 days before closing?

I was in the process of purchasing my grandmothers property through her power of attorney (she was in a nursing home). We were set to close on 1/18/11 (down payment, escrow, etc. were all in place), but she passed away on 1/15/11. Now the youngest of the 3 children doesn’t want to sell. Since the buy/sell agreement was in place by the POA (signed in November), does that become an obligation of the estate to sell the property as per the agreement? The buy/sell expires 5/16/11.

Asked on January 18, 2011 under Real Estate Law, Louisiana

Answers:

M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney

Answered 13 years ago | Contributor

The question here is if the contract is still valid after the passing away of your Grandmother.  As I am sure that you know a Power of Attorney dies with the party for whom it is in effect.  But if the POA was valid at the time that the contract was executed and the contract is a valid contract I think that you are correct: the estate has to honor the contract or face being sued for breach.  You can sue for specific performance of the contract.  Real property is considered "unique" under the law and therefore the law allows a person to sue for that property itself rather than for money damages for a breach.  Get legal help here.  Good luck. 


IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

Get Legal Help Today

Find the right lawyer for your legal issue.

secured lock Secured with SHA-256 Encryption