Buying & Selling Real Estate
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback
Updated about 10 years ago,
Death during Owner Financing
Hypothetical question but also a possible reality depending on whether the current owner is willing to sell.
What would happen if the current owner of apartment A passes while we're in an owner financing situation? The current owner of the apartment has never been married, no children and to my knowledge has no extended family. He's well into his 80s and in poor health, lives alone and has multiple units in my condominium. I've asked if he's considered selling one of his units but I have yet to hear back from him.
I have no idea where I would find information for a scenario like this but if he agrees to sell and more so - an owner financing agreement, the above scenario is very possible and I would appreciate it very much if anyone has any insight to this short of referring me to a lawyer.
Thanks very much