What happens to property in an installment contract if the seller passes?
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What happens to property in an installment contract if the seller passes?
I am getting ready to sign a contract agreement on real estate with my stepfather. The contact will state a said amount of money to be paid monthly until I get the property financed or until paid in full. I believe he has his son and daughter as beneficiary of the property in his Will. What would happen if he passes away; will my contract be void? Or would I just continue to make payments to his kids? How do I get around losing the property?
Asked on June 21, 2012 under Real Estate Law, Indiana
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 11 years ago | Contributor
With respect to the property that you are purchasing from the owner where there will be a seller carryback on the loan that you are getting from the seller, if he passes before the term of your contract is completed on your monthly payments, you would continue making the payments to the executor of his estate under the will you have written about until your obligations are completed or until the loan is refinanced.
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