Deceased vendor?

From: Geoff Whitfield


Hi,

I'm about to exchange on a property. The vendor is elderly; the property is partially in the name of the mother.

The mother has unfortunately died today.

Are there any ramifications here (apart from the obvious of leaving the vendor time without lawyers or the agent- or myself- intruding)?
 
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Reply: 1
From: Robert Forward


Hi Geoff

I'd dare say that if the elderly person didn't have a will you may be in for a bit of trouble. If there is a last will and testament you will need to deal now with the beneficiary.

I'm not to sure, but I think this is how it would work.

Cheers
Robert

The Sydney "Freestylers" Group Leader.
 
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Reply: 1.1
From: Steve Piggott


I would first find out if the property in question was owned as 'joint tenants' or 'tenants in common'. If its the former there is little drama as the property passes the the surviving joint tenant.

Hope this helps out

Happy Investing Neb :)
 
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Reply: 1.1.1
From: Asy .


I believe that the sale will stand, but any beneficiaries of the lady will have to fight over the funds.

Of course their argument will be dependant on whether the property is joint tenants, or tenants in common, as mentioned by Neb, but I don't think this will affect you.

I would imagine that the decedent's beneficiaries try to stop the sale if there is to be an argument, but I don't see how they will be able. I would however, suggest that you try to settle as soon as possible...

Please let us know what happens, as this is a scenario I have pondered.

asy


"Don't forget what happened to the guy who suddenly got everything he ever wanted...
He lived happily ever after.
(Willy Wonka).
 
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