I am a buyer for a home and the seller of the home unexpectly died 5 hours before closing. The sellers adult children still want to sell the home, but

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I am a buyer for a home and the seller of the home unexpectly died 5 hours before closing. The sellers adult children still want to sell the home, but

I have now lost my interest rate “lock in” and my loan application/approval will expire in 2 weeks. Am I still obligated to purchase this home. The seller has NOT filed a “closing extension” We were scheduled to close on April 15, 09 the seller died the same day. I want to move on to another property. I paid $500.00 earnest money…can I request that be refunded and cancel the contract? Thank you

Asked on June 1, 2009 under Real Estate Law, Texas

Answers:

J.M.A., Member in Good Standing of the Connecticut Bar / FreeAdvice Contributing Attorney

Answered 12 years ago | Contributor

The heirs can most likely enforce the contract against you or keep your earnest money just as if the seller were alive.  The heirs  stand in the shoes of the seller in other words.  Therefore, while you no longer have interest, the heirs may make if difficult for you as they want to dispose of the property and move on.  I would have to see the contract to give you a more definitive answer.  I uggest talking to your closing attorney to see if they can work out a deal with the heirs - i.e. give the heirs a portion of th deposit so you can walk away.


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