i was going to say check for rights of survivor or something similar, whereby if the property was left in a will to someone whether they are keen to continue the contract, but i've been beaten to the punch numerous times there ....!
vendor passed away before settlement!
- Thread starter jsoe
- Start date
LOL sorry, I meant executor (of the will)/solicitor.
I think there are 2 beneficiaries of the will. The complication of the will is that one of the name's spelt wrong on the paper.
I don't know the intention of the beneficiaries or their rights, or my rights for that matter. So far my solicitor said my rights are reserved (until the other party terminates the contract I think?). I advised them of my genuine willingness to proceed wtih the purchase. Now it's all a waiting game.
I'm a bit shattered, because we're trying to get the DA asap, as there are rumours about zoning changes in January. I guess I'll wait for about a month and see how things progress, and then pull out if appropriate.
exhausted
ok a few things to update.
(1) 2 months have passed since the vendor passed away and our "supposed" settlement. The Will Executor's solicitor mentioned last week (to our solicitor) that Probate papers have not been signed, let alone filed and granted. They sure are taking their time.
(2) Solicitor of NSW Trustee and Guardian is asking us to rescind the contract (must be done mutually and in writing).
(3) We advised our solicitor that we're happy to rescind the contract with NSW T&G on the basis that we get to sign a new contract simultaneously (same price and terms) with Executor's solicitor.
I know we don't have much choice here but will have to rescind the contract with NSW T&G eventually. Property can still slip through if Executor's solicitor doesn't agree to the price or terms. But my question here is, can the Deceased Estate decide to sell the property to other parties without having to wait for us rescind the original contract FIRST?
I just have this funny feeling that they want to put it back on the market ASAP before the First Home Owner's Grant finishes end of Dec. Prices are going up a lot now too with many sellers trying to fish in many FHOs.
ok a few things to update.
(1) 2 months have passed since the vendor passed away and our "supposed" settlement. The Will Executor's solicitor mentioned last week (to our solicitor) that Probate papers have not been signed, let alone filed and granted. They sure are taking their time.
(2) Solicitor of NSW Trustee and Guardian is asking us to rescind the contract (must be done mutually and in writing).
(3) We advised our solicitor that we're happy to rescind the contract with NSW T&G on the basis that we get to sign a new contract simultaneously (same price and terms) with Executor's solicitor.
I know we don't have much choice here but will have to rescind the contract with NSW T&G eventually. Property can still slip through if Executor's solicitor doesn't agree to the price or terms. But my question here is, can the Deceased Estate decide to sell the property to other parties without having to wait for us rescind the original contract FIRST?
I just have this funny feeling that they want to put it back on the market ASAP before the First Home Owner's Grant finishes end of Dec. Prices are going up a lot now too with many sellers trying to fish in many FHOs.
I think this is just a 'niceity'. Technically, under the terms of the original contract, if one of the parties dies the contract is unenforceable - so that contract has collapsed anyway. You can't have a contract with a deceased person..... my question here is, can the Deceased Estate decide to sell the property to other parties without having to wait for us rescind the original contract FIRST?
I have the same feeling. If you put yourselves in their shoes, you'd want more money if you could get it too, wouldn't you?
ok a few things to update.
(1) 2 months have passed since the vendor passed away and our "supposed" settlement. The Will Executor's solicitor mentioned last week (to our solicitor) that Probate papers have not been signed, let alone filed and granted. They sure are taking their time.
(2) Solicitor of NSW Trustee and Guardian is asking us to rescind the contract (must be done mutually and in writing).
(3) We advised our solicitor that we're happy to rescind the contract with NSW T&G on the basis that we get to sign a new contract simultaneously (same price and terms) with Executor's solicitor.
I know we don't have much choice here but will have to rescind the contract with NSW T&G eventually. Property can still slip through if Executor's solicitor doesn't agree to the price or terms. But my question here is, can the Deceased Estate decide to sell the property to other parties without having to wait for us rescind the original contract FIRST?
I just have this funny feeling that they want to put it back on the market ASAP before the First Home Owner's Grant finishes end of Dec. Prices are going up a lot now too with many sellers trying to fish in many FHOs.
Probate will take around 3-9 months. Notices have to be put in newspapers, forms filed and processed etc.
If there is a clause in the contract stating either party can rescind on death, then you won't have much choice and would have no automatic right to enter into a new contract. The otherside could rescind even if you won't. The executor could then sell to anyone at that stage.
If they think they could get more money for it they probably will put it back on the market.
Actually you can have a contract with a deceased person. Contracts don't always die at death but would be continued by the executor of the estate.
Our contracts don't end in death either...only in default.
Yes you're quite right. Even I can rule from the grave a bit via Testamentry Trusts etc.
If they havent actually begun the process of getting probate yet, I would probably pull out now, particularly if they dont want to sell.
There are plenty of other properties available out there. I know you really liked this one, but sometimes when things are just too hard, its a sign that its time to move on.
There are plenty of other properties available out there. I know you really liked this one, but sometimes when things are just too hard, its a sign that its time to move on.
Did you know that life insurance cannot be used to pay debts of the estate. So if you had, for example, large debts to the ATO, eg $1mil, no assets and then also had a $1mil life insurance policy and then died the ATO would get nothing and the life insurance policy would pass to the beneficiaries under the will.
If only we knew when we were going to die. There are some strategies that could be used!
If only we knew when we were going to die. There are some strategies that could be used!
Yes, we're thinking the same. But then again we were informed by the executor's solicitor that the estate are still willing to sell the property to us. That's what leaving us hanging. Hmmm.... may be at a higher price? Not sure yet. Haven't heard anything back at the moment.
My next question was Can they resell/advertise the property for sale (put it back on the market) without waiting for us to rescind the contract with the NSW Trustee and Guardian first?
They can if they recind the contract, which I believe they have the right to do as standard NSW Ts&Cs allow either party to terminate in the event of a death of someone from either party. Confirm what is written in your contract in this regard.
Gonskie
Hi, it's been ... how long now? I've lost track.
Anyway, got the update from my solicitor. NSW T&G received a fax today from the Executor's solicitor today. It said "The will has been lost. or they suspect that it has been intentionally destroyed".
They were sorting out the wrong spelling of the name of the beneficiaries before and now someone's sabotaged the will! Gosh..
We are planning to get outta the deal and rescind the contract by the end of the week anyway. We've left it this long so they won't be able to relist the property on the market to catch the "first home owner" wave before the end of the year. Next year stamp duty exemption's abolished so I guess the house prices will not be there crazy (and we might be able to snap it up for a cheaper price or something).
Anyway, so what usually happens in this sort of circumstances where the father died without the will? Will the children/beneficiaries have to negotiate what they want to do with the property and how they want to settle inheritance?
Hi, it's been ... how long now? I've lost track.
Anyway, got the update from my solicitor. NSW T&G received a fax today from the Executor's solicitor today. It said "The will has been lost. or they suspect that it has been intentionally destroyed".
They were sorting out the wrong spelling of the name of the beneficiaries before and now someone's sabotaged the will! Gosh..
We are planning to get outta the deal and rescind the contract by the end of the week anyway. We've left it this long so they won't be able to relist the property on the market to catch the "first home owner" wave before the end of the year. Next year stamp duty exemption's abolished so I guess the house prices will not be there crazy (and we might be able to snap it up for a cheaper price or something).
Anyway, so what usually happens in this sort of circumstances where the father died without the will? Will the children/beneficiaries have to negotiate what they want to do with the property and how they want to settle inheritance?
should I cry or should I laugh?
Hi all,
Since we gave the instruction to rescind the contract with NSW Trustee and Guardian, we got another fax from a NEW Executor's solicitor saying that they are the now appointed solicitors of the Estate.
Basically, they are saying that their client will be making an application at the Supreme Court given the lost of the Will. They will carry it out promptly end of Jan or beginning of Feb when the Court reopens.
The Estate wants to enter into a new contract (as the one with NST T&G has to be rescinded anyway) with the same price and terms. Their solicitor will issue a new contract in the draft form prior to obtaining to make application to the Supreme Court for a special Grant of Administration (del colligenda bonae defuncti). - I have no idea what that means in a different language.
Their solicitor proposed to get things done promptly and matter be well and truly resolved by March.
Can I negotiate different terms now before entering into a new contract? The main part is to get the DA application going with the council ASAP given the proposed changes in local guidelines and zoning coming up some time next year.
Hi all,
Since we gave the instruction to rescind the contract with NSW Trustee and Guardian, we got another fax from a NEW Executor's solicitor saying that they are the now appointed solicitors of the Estate.
Basically, they are saying that their client will be making an application at the Supreme Court given the lost of the Will. They will carry it out promptly end of Jan or beginning of Feb when the Court reopens.
The Estate wants to enter into a new contract (as the one with NST T&G has to be rescinded anyway) with the same price and terms. Their solicitor will issue a new contract in the draft form prior to obtaining to make application to the Supreme Court for a special Grant of Administration (del colligenda bonae defuncti). - I have no idea what that means in a different language.
Their solicitor proposed to get things done promptly and matter be well and truly resolved by March.
Can I negotiate different terms now before entering into a new contract? The main part is to get the DA application going with the council ASAP given the proposed changes in local guidelines and zoning coming up some time next year.
Yes, it is a new agreement so you can renegotiate any and all of the terms.
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