old lady

[Sarah Jones]

This is an interesting question.. What happens if you buy the property from a lady with the only heir is a cousin and you buy it subject to .. she is 70 .. what happens if she pass away... is the property yours to keep?

[Karen Margrave]

If property is free and clear, how would you be buying it "subject to". Subject to is for "subject to exisiting loan, etc.". If you are buying a free and clear property, and she is carrying the financing, you would execute a note, secured by a deed of trust, which would be recorded. Upon her death, the note should transfer to her cousin, and the cousin would then collect all future payments. Have you checked to see if the property is actually in the name of the lady, and not in a trust controlled by the cousin? If it is, the cousin will need to agree to the sale.