Summary: A woman and her husband had a real estate contract at the time of his death. Ilyce explains the breach of contract due to death clause and how it applies to this unfortunate situation. 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.
Q: I have a signed contract from earlier this month and now my husband has died and I have not closed on the real estate. 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 attorney for additional help.
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(View All Topics)consumer advice credit estate planning home buying ilyce glink mortgage mortgage lenders mortgage loan personal finance advice real estate real estate advice real estate agent refinance mortgage selling taxes
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