Unfortunately, today’s question has cropped up twice in the last two weeks: What happens when one of the parties in a real estate transaction passes away before it’s complete?
The first was a case in which we represented the buyers who were purchasing a property. One of the buyers passed away between the walkthrough and the closing. In our area, the buyer is still legally obligated to proceed with the transaction; of course, if the seller has compassion for the situation and all parties agree on signing a release, then that is also an option. However, if the seller is not willing to do that, then the buyer is expected to proceed, which is what happened in our situation.
In the other deal, we represented the buyer and one of the sellers passed away. The seller owned the property with right of survivorship, so our buyer is going to be able to close without having to worry about probate or some other process that will delay her closing.
In situations like these, we always get the attorneys involved to make sure that our clients are well advised to make the best decisions for their situation.
If you have any questions or would like to discuss buying or selling a home, don’t hesitate to reach out to us. We’d be happy to help.