land contracts
if the seller of a land contract dies what happens to the buyer?
One thought on “land contracts
if the seller of a land contract dies what happens to the buyer?”
Re: land contracts
You as buyer are still obligated to pay under the terms and conditions of the land contract. However, instead of making payments to the seller, the buyer’s obligation becomes payable to the seller’s estate, or to whomever now holds testamentary rights to the proceeds land contract. If the seller left a will, there is either a specific testamentary gift of the proceeds of the land contract, or absent a specific gift there must be a residuary clause designating someone’s rights to whatever is left of the seller’s estate. If the seller died without a will, or intestate as it is called, the proceeds of the land contract would devolve to the seller’s heirs. You should find out if the seller has an open probate estate and find out who may have been appointed personal representative and contact them for specific details of these issues. If probate hasn’t happened been opened yet, contact the next of kin or anyone who might know something about the disposition of the seller’s estate.
Jay Courtright
Jay Courtright, Attorney at Law
1105 Benton Court
Grass Lake, MI 49240
Re: land contracts
You as buyer are still obligated to pay under the terms and conditions of the land contract. However, instead of making payments to the seller, the buyer’s obligation becomes payable to the seller’s estate, or to whomever now holds testamentary rights to the proceeds land contract. If the seller left a will, there is either a specific testamentary gift of the proceeds of the land contract, or absent a specific gift there must be a residuary clause designating someone’s rights to whatever is left of the seller’s estate. If the seller died without a will, or intestate as it is called, the proceeds of the land contract would devolve to the seller’s heirs. You should find out if the seller has an open probate estate and find out who may have been appointed personal representative and contact them for specific details of these issues. If probate hasn’t happened been opened yet, contact the next of kin or anyone who might know something about the disposition of the seller’s estate.
Jay Courtright
Jay Courtright, Attorney at Law
1105 Benton Court
Grass Lake, MI 49240