I am thinking a signing a land contract with my father. My father is 80 years old and has a mortgage on the property. What happens if he passes.

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Originally Posted by gregnelson

I am thinking a signing a land contract with my father. My father is 80 years old and has a mortgage on the property. What happens if he passes.

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Read the mortgage note to double-check, but I would assume that his estate, or his heirs, could continue to make the payments until the note is paid off. The heirs would presumably inherit the property subject to the obligation to make the mortgage payments, as well as to your land contract. Or you could arrange to pay off the mortgage and get title from the estate or the heirs. Has your father considered writing a will in which these arrangements would be specified?