Q: In 2017 owner financing documents were drawn up for of property. Both Grantors passed away. Now what happens?
In 2010 my husband moved here with his girlfriend and they signed a hand written owner financing agreement with her parents. They married in 2013. She passed in 2015 and he adopted her girls which wasn't finalized until 2016. In 2017 they drew up legal documents on the purchase and owner financing of property at attorneys' office and were filed at court house. Both Grantors have passed away before the ballon payment is due in April 2022 and we are trying to refinance with a bank. What will happen now? My husband is afraid the heirs will void the contract and take the property because it's worth a lot more than owed in the contract. Do they have to honor the current contract if they haven't established an estate yet? Is the refinance possible without an estate? We are supposed to close next week. Thank you in advance.
A: Without seeing the recorded documents, I couldn't give any opinion as to what could happen. But I suspect that they cannot void the contract, and your husband can refinance. My advice is to have a local real estate attorney look at the documents and give you a formal opinion.
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