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Yes this is true, but an executor doesn't have power to act unless appointed by the court, ie probate, and this could be 6 to 12 months away.

Ifyou have already entered the contract then there is no benefit to you releasing early - just risk

a caveat notifies the world that you have an interest in the property. This can allow you to take priority over others who may have a claim. But if the old vendor dies you will be tied up for years possibly. I would suggest a clause which allows you to rescind the contract if he dies. You will...