Ask Experts Questions for FREE Help !
Ask
    grandma cobalt's Avatar
    grandma cobalt Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Jul 8, 2012, 08:01 PM
    What if the buyer is also one of the heirs and the owner dies?
    Questions Concerning a Land Contract

    What if the buyers are living in the house and the owner(s) die before the balloon payment is due?
    What if the buyer is also one of the heir’s. How can we protect the people who are occupying the house (our son and his family)?
    What if we have written a land contract for $145,000 and the improvements to the house have a value of $175,000; at the time we pass away? What would be the other (only two heirs in this situation) heirs 50%?
    What are all the possible issues that need to be addressed when going into a Land Contract with one of your children and they are purchasing the “Homestead”?
    What if we want to have the options to alter or change the balloon payment date due?
    AK lawyer's Avatar
    AK lawyer Posts: 12,592, Reputation: 977
    Expert
    		  
    #2

    Jul 8, 2012, 09:21 PM
    Quote Originally Posted by grandma cobalt View Post
    What if the buyers are living in the house and the owner(s) die before the balloon payment is due?
    ...
    The buyers continue to make payment to the owners' estate(s).

    Quote Originally Posted by grandma cobalt View Post
    ...
    What if the buyer is also one of the heir’s. How can we protect the people who are occupying the house (our son and his family)?...
    Make sure someone steps up to the plate and applies to be appointed personal representative of the estate.

    Quote Originally Posted by grandma cobalt View Post
    ...
    What if we have written a land contract for $145,000 and the improvements to the house have a value of $175,000; at the time we pass away? What would be the other (only two heirs in this situation) heirs 50%? ...
    Doesn't matter. You have a contractual right to buy the property at $145 K. Each heir would be entitled to $72,500.

    Quote Originally Posted by grandma cobalt View Post
    ...
    What are all the possible issues that need to be addressed when going into a Land Contract with one of your children and they are purchasing the “Homestead”? ...
    Depends. Ask an attorney in your jurisdiction.

    Quote Originally Posted by grandma cobalt View Post
    ...
    What if we want to have the options to alter or change the balloon payment date due?
    Put such options in the contract.
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
    Computer Expert and Renaissance Man
    		  
    #3

    Jul 9, 2012, 03:39 AM
    As noted, you continue to pay the estate. When the contract is completed, the estate pays the heirs. The executor may have the option of paying the contract payments back to the heirs on a monthly basis or giving credit for their share.

    You cannot change an existing contract without the agreement of all parties.However, the buyers could pay off the contract sooner.
Not your question? Ask your question View similar questions
 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

Property Owner Dies [ 8 Answers ]

I recently found a house in which the city took possession because the property owners died and had no heirs. The city states they want to auction it off for back taxes because others have inquired about it. I want to know if I can legally pay the taxes before the auction and take possession of the...

Buyer wants to pay me off early on a 30 year owner contract? [ 7 Answers ]

The person who bought a house from me on a 30 yr owner contract ( no restriction in contract for early pay off--) now is thinking he may want to pay it off after aprox 16 years. Actually he would like me to lower the interest rate which is at 9% or if I won't do that he said he will pay me off....

Grandfather dies intestate and 1 of 3 heirs in disagreement [ 3 Answers ]

My grandfather died intestate in July of 2009 in the state of Virginia. The estate is in probate and my grandfather's son-in-law is administrating the estate. My aunt, my uncle and myself are the three heirs to the estate, being that my mom passed away 8 months prior to my grandfather. There...

Mortgage holder dies, does repayment go to heirs [ 2 Answers ]

Seller of mortgage on property dies, do heirs continue to receive the payments

Can a land owner, who has his land verbally given to heirs, change his will after h? [ 5 Answers ]

Can a land owner, who has given his land verbally to his children, change his will about the property if he has been in a mental for depression. He has not been legally declared legally incompetent as of yet.

View more questions Search