Q: We were scheduled to close on property in NYS and on the day of the closing one of the sellers unexpectedly died.
We have to have her portion go to her estate now, which we are fine with. The buyers want early occupancy but I am not sure if we should do it. They want to keep contract as is, with them taking over maintaining property and paying utilities. Is there any other items we should require? Rent? We are the sellers.
A: You should have a lawyer on this already. A next of kin can make an emergency application to the Surrogate to get an order to close. It is called Preliminary Letters. The authority to rent, etc. is no different than the authority to sell. Also, if next of kin agree, or the beneficiary of the will if there is one agrees, they can sign the deed. Your lawyer and the buyer's title company should be able to work this out.
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A: You should get either letters of administration or letters testementary so that a duly appointed agent for the estate can consummate the transaction you are referencing. The buyer's can get early occupancy and definitely should pay at a minimum all of the sellers carrying costs (maintenance, insurance, mortgage interest), I would advise the seller's to also get some additional amounts as incentive to enter into the occupancy agreement.
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