What happens when a person who is willed a house and has to buy the house fails to close on the house by a certain date?
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
What happens when a person who is willed a house and has to buy the house fails to close on the house by a certain date?
Asked on December 18, 2012 under Estate Planning, Ohio
Answers:
Catherine Blackburn / Blackburn Law Firm
Answered 11 years ago | Contributor
I am not sure I understand your question. I assume there is a will that transfers the house to a named beneficiary. Does the will provide that the beneficiary must buy the house from the estate, or is there a mortgage on the house and the beneficiary must "buy" the house to release the mortgage? Does the will provide a date certain by which the beneficiary must close on a sale?
If the will provides for all these contingencies, then the will tells you what happens when the beneficiary fails to close by that certain date. If not, the consequences will depend on the executor's decision and the court's approval. In general, courts do not like to void a gift in a will. Courts will usually allow more time to close the sale. If the beneficiary cannot buy the house, the court will try to achieve the testator's intent some other way.
I suggest you call the lawyer who is handling the estate and ask what happens next.
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.