What happens if you die before settlement?

Hi all,
Don't know if this has been covered but what are the legalities if this situation happened?

Just thinking out loud and don't mean to be morbid,just curious.

Cheers Spades.
 
You as the purchaser or you as the vendor?

I vaguely recall this question was asked about 10 years ago. I think the answer was that due to probate reasons, in most cases the sale would be cancelled.
 
Hi all,
Don't know if this has been covered but what are the legalities if this situation happened?

Just thinking out loud and don't mean to be morbid,just curious.

Cheers Spades.

You go to heaven!

Many contracts have clauses stating that if either party dies then the other party can terminate the contract. If these clauses are not included then the legal personal representative (LPR) of the deceased would continue in the place of the dead dude. ie the executor or administrator of their will.

Naturally dying will be an inconvenience to all parties, especially to the deceased. So it is best to have the contracts terminated I think.

Even with a sale, if you die then there will be no one to sign the transfer until probate/administration is granted. If a family member carks it midway through before settlement then look at the movie 'weekend at Bernies'.
 
I just exchanged on a contract and it included a clause that if either party died or became mentally ill then either party may rescind.

A good way to get out of a contract such as this :
Just before settlement completely undress, put a baby bib on, a cowboy hat and run around to the vendor's house saying you had just been abducted by aliens.
 
A good way to get out of a contract such as this :
Just before settlement completely undress, put a baby bib on, a cowboy hat and run around to the vendor's house saying you had just been abducted by aliens.

Just another typical Wednesday afternoon in the Gremlin household. :p
 
A good way to get out of a contract such as this :
Just before settlement completely undress, put a baby bib on, a cowboy hat and run around to the vendor's house saying you had just been abducted by aliens.

So you seriously want in on record that you rescinded a contract because you're Gaga...... Mmmmmm :eek:

Cliff
 
I did have one purchase where there was a delay because one of the people who had a caveat on the property had recently died. It wasn't a big delay, just a hiccup along the way.
 
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