Q: I'm buying a home and the seller passed away. We have a signed contract and are closing next week. Really want the home
Seller has no children but had POA signing the contract. The nephew just filled the will. Title company and real estate agents say we should still being closing on time next week?
A: It's really completely up to the title company. They will want to escrow a certain portion of the sale proceeds to assure payment of inheritance taxes and administrative charges and, if applicable, Federal estate taxes. If the Executor agrees to the hold-back and the title company gives you a clear and clean title policy, with no exceptions pertaining to the estate, you should be good to go. A consultation with a lawyer to review and explain the title policy would be a good idea.
A: Really? If they are that certain ask them to reimburse you for whatever costs you incur if the deal fails to close next week. But do it in person so you can see the expressions on their faces .
Justia Ask a Lawyer is a forum for consumers to get answers to basic legal questions. Any information sent through Justia Ask a Lawyer is not secure and is done so on a non-confidential basis only.
The use of this website to ask questions or receive answers does not create an attorney–client relationship between you and Justia, or between you and any attorney who receives your information or responds to your questions, nor is it intended to create such a relationship. Additionally, no responses on this forum constitute legal advice, which must be tailored to the specific circumstances of each case. You should not act upon information provided in Justia Ask a Lawyer without seeking professional counsel from an attorney admitted or authorized to practice in your jurisdiction. Justia assumes no responsibility to any person who relies on information contained on or received through this site and disclaims all liability in respect to such information.
Justia cannot guarantee that the information on this website (including any legal information provided by an attorney through this service) is accurate, complete, or up-to-date. While we intend to make every attempt to keep the information on this site current, the owners of and contributors to this site make no claims, promises or guarantees about the accuracy, completeness or adequacy of the information contained in or linked to from this site.
