Q: I have a signed contract from earlier this month and now my husband has died and I have not closed on the real estateReal Estate is land and anything permanently attached to it, such as buildings and improvements.. Is the contract still good?
A: I so sorry for your loss. Unfortunately, unless the contract states that in case of the death of either the seller or one of the buyers the contract could or would be terminated, the contract will remain valid.
If you have hired an estate attorney to assist you with your husband’s estate, you might want to have the attorney look at the contract with you to determine your options. If you still want to close on the purchase, you should be able to. If you don’t want to purchase the property now and the contract is still valid, you might have to negotiate a settlement with the sellers.
They might be willing to accept some money in exchange for releasing you from the contract.
If you used a broker to assist you in the purchase of the home, you can ask him whether he knows of anybody that would want to buy the property and close on your contract. You might be able to assign the contract to that buyer, get your money back and that new buyer would close on the home.
If you did not hire an estate attorney or don’t need one, you should talk to a real estate attorneyA Real Estate Attorney is an attorney who specializes in the purchase and sale of real estate. for additional help.