How to protect buyer of Lease to Purchase home if seller dies?
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How to protect buyer of Lease to Purchase home if seller dies?
Purchasing home from family member that has cancer, but not terminal now. We plan to add equity into the home as we live there. Are there terms that can be added to the contract that will protect us from losing the home and any money we have put into it in the event that the owner passes away? Will the probate court gain all rights to it if this occurs? What if the owner still has an outstanding mortgage. Will that impact our ability to purchase if he passes?
Asked on June 11, 2009 under Real Estate Law, Kansas
Answers:
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Answered 14 years ago | Contributor
There are several steps that can be taken. Is the seller still competent to contract? If so, I can amend the contract to reflect your interest in the home; if the seller is not competent, there is the possibility of a guardianship. Does the seller have a will naming you as a beneficiary of the home? If not, I can draft a will or a codicil to reflect this if that is the sellers intent. If the owner still has an outstanding mortgage, you can still purchase the house, but subject to the mortgage. Strictly speaking, the probate court does not gain rights in the house; it would only determine who has rights in the house if there is no will or if there is a will contest. Feel free to email me at [email protected] or call 913 441 5025 if you need additional information.
Sean Santoro
Santoro Law Office
Licensed in Kansas and Missouri
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