Posted by Nate(DC) on May 07, 2003 at 09:58:27:
The contract could have language in it that it’s binding on the principals and their heirs, successors, assigns, etc. If that’s the case, then STRICTLY speaking the contract is enforceable against the remaining buyer and the estate of the one who is deceased.
However, I think from a PRACTICAL standpoint, the remaining buyer, if he wished to cancel, could try throwing himself on the mercy of the seller and just maintaining that he cannot go through with it, really sorry, and oh by the way I need my deposit back, you’re not going to keep my deposit because I just lost my wife, etc. etc. Hopefully the seller will think along the lines that John Merchant stated, or the seller’s attorney will advise them in that way, i.e. “your chances of forcing the sale, with one of the buyers now deceased, are small…the courts generally do not favor a seller trying to force the buyer(s) to buy…so if the survivor wants out, if it were me, I’d agree to a mutual rescission of the Agr. and waste no more time on it.”
Good luck,
NT
Death of one buyer - Posted by Ron Ruffner
Posted by Ron Ruffner on May 06, 2003 at 13:38:05:
In Florida is the contract still valid if one of the buyers dies before closing?
Thanks
Buyer gets cold feet… - Posted by David Krulac
Posted by David Krulac on May 07, 2003 at 14:16:58:
literally.
I sold a property to a buyer who subsequently died before settlement. Technically we could have forced the sale upon the buyer’s estate, but what’s the point? A suit would follow and the property would be tied up pending the suit. We cheerfully refunded the buyer’s deposit and put the property back on the market and sold quickly for full price. Everybodies happy.
Re: Death of one buyer - Posted by John Merchant
Posted by John Merchant on May 06, 2003 at 16:38:35:
Depends on your Agreement…if YOU had the option of checking the buyers’ credit, and your Agreement was conditional on your approval of same, then the death of one of the buyers obviously has affected their credit/financilal scene…but I’d sure talk to the survivor because you might be as well off completing the sale if you think that buyer, alone, can handle the RE.
You should be aware though, that IMHO, your chances of forcing the sale, with one of the buyers now deceased, are small…the courts generally do not favor a seller trying to force the buyer(s) to buy…so if the survivor wants out, if it were me, I’d agree to a mutual rescission of the Agr. and waste no more time on it.
Re: Buyer gets cold feet… - Posted by Ron Ruffner
Posted by Ron Ruffner on May 07, 2003 at 17:14:03:
David
Are you in Florida? I am under the impression Florida law renders the contract invalid.
Re: Death of one buyer - Posted by Ron Ruffner
Posted by Ron Ruffner on May 06, 2003 at 21:01:03:
Thanks
It is the buyers interest I am looking out for.
Ron
Re: Death of one buyer - Posted by Nate(DC)
Posted by Nate(DC) on May 06, 2003 at 21:53:48:
Do the buyers WANT to cancel?
NT
Re: Death of one buyer - Posted by Ron Ruffner
Posted by Ron Ruffner on May 06, 2003 at 22:33:19:
The remaining buyer wants to know his options. He placed a large deposit on the house.