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The contracts undoubtedly could be dealt with in nearly no time - a "find & replace" on the computer will do that, but any 'family disagreements' could boil over if things are not approached in the right way... You should plan on avoiding any potential minefield.
There were family disagreements with us, I went before closing to sign for my dad (I had POA & was a trustee) so that I did not have to see anyone. I was getting nothing from the sale, the only thing I could get is revenge by holding it up; I honored my dad's wishes & signed.
The relatives would be stupid to hold the sale up, unless one of them wants to buy the house themselves. If no one is interested, they may not get another buyer willing to pay as much.
I would also imagine the buyer has some recourse? There was a signed contract, buyer has put money into the house with inspections, no?
I'm sure that someone knows what's going on. The attorney we used for my dad's house sale knew everything. When my dad's health declined, he knew that. If the sale has to go through probate, he should know that as well. The listing agent was also kept up on his health.
What range of time have you known it to take to probate a will? Days, weeks, months, years??
Seller had 4 adult children, 2 of which were the POAs. I would guess all 4 would now be heirs of the estate, though. I doubt it is a charitable trust but a living trust (what is this?) maybe, if this means it was left to his kids upon his death?
It sounds like there is no way we will be able to closing on the scheduled closing date (one week from now, and Monday is a holiday). Can names be changed on paperwork in a day or two, or?
I hate to tell you this but...in the case of the house I was buying all the heirs were in agreement but sort of dilly-dallying about getting things done. Frustrated the Executor to no end. It took about 6 months to go from beginning of contract to closing and they were FedExing signatures from all over the country (5 spread out kids). Of course your house was already prepped to sell , so may move quicker. My house was still full of stuff and the kids were trying to go through everything and distribute it/move it out.
I was a buyer in that kind of situation. The woman was dying and her daughter had POA. The woman died in the middle of the transaction. I didn't even know it until after we closed. I'm not sure she told anyone. The daughter signed everything, it was notarized, it closed. No one the wiser! LOL!
Location: Mokelumne Hill, CA & El Pescadero, BCS MX.
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Originally Posted by MsFancyPants
I was a buyer in that kind of situation. The woman was dying and her daughter had POA. The woman died in the middle of the transaction. I didn't even know it until after we closed. I'm not sure she told anyone. The daughter signed everything, it was notarized, it closed. No one the wiser! LOL!
Eeeeks! If the death certificate predates the closing date, you may have had the property transferred to you fraudulently which would make it the title companies problem. They generally look at the general index for the county for death certs, or the daughter may have been a joint tenant in which her mothers death would have given her clear title to then act as a principal in the transaction.
Eeeeks! If the death certificate predates the closing date, you may have had the property transferred to you fraudulently which would make it the title companies problem. They generally look at the general index for the county for death certs, or the daughter may have been a joint tenant in which her mothers death would have given her clear title to then act as a principal in the transaction.
Hopefully you have sold the property since then.
Proof that title insurance is a very good thing. that one is going to lay there until some clever attorney in a related matter puts two and two together.
As to the case you need a lawyer or at least the other side does. The contract is void. Dies with the seller. You can't buy from someone who no longer exists.
Depending on how the home was held you can be in for anything from a month to years. And you may well need a lawyer to tell you how long.
The PofA holder may know. Have you asked what they plan to do?
What kinds of things should one be worried about if the seller of a home is incapacitated and selling via power of attorney, and subsequently seller passes away before closing? Need help.
The house I bought was the same situation, but the seller did not pass away before closing. Maybe try to speed up the closing?
I made an offer on a home in an estate. It was paid off and the heirs wanted to sell it but had to wait until the estate was settled. I was moving from another town and wanted a place in a specific neighborhood.
I ended up extending the closing date on the contract and renting the home at market rate, with half the amount being applied to the down payment. It worked for them, as they had an offer in hand and would have a tough time renting it for an undetermined period of time. And it worked for me, BC I ended up with a nice additional amount applied to the down payment, while living in the home that would be mine.
You would definately want to involve a good real estate attorney, though.
I like the idea of renting/leasing it and having the money applied towards our costs somehow. I will definitely look into this. We are still crossing our fingers that they will miraculously be able to pull everything together this week, although its doubtful.
I wish I could remember what I was told about our sale. He passed in February, house closed end of March. I had POA for him, but the house was also moved into a trust. I wish I knew the time line of everything, I know his will was not filed with the county until July when I signed there. Nothing made sense to me back then. (2006)
FWIW, at zillow, the sale still shows as $1 when it was transferred to the trust, but IIRC, the date for that is wrong, and it doesn't show what the new owners paid.
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