Charlotte, NC asked in Contracts and Real Estate Law for North Carolina

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.

Related Topics:
1 Lawyer Answer
Ben Corcoran
Ben Corcoran
  • Yadkinville, NC
  • Licensed in North Carolina

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.

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.