What happens when a real estate contract is executed between a buyer and a seller by way of promissory note secured with deed of trust and the seller dies?
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What happens when a real estate contract is executed between a buyer and a seller by way of promissory note secured with deed of trust and the seller dies?
If I list a beneficiary on the promissory note in the event of my death, is this sufficient to continue the original contract? Does the beneficiary have to hold legal title to the property to receive the benefits of the promissory note?
Asked on August 21, 2012 under Real Estate Law, Missouri
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
I am so hoping that everything is good right now and that you have time to GET TO A LAWYER to help with this. You need a contract and title passed to you to own that house or have a right to buy it. Executing a promissory note and nothing else is NOT A GOOD IDEA. You are left with debt and no ownership interest unless the note can be interpreted to be a contract (which would require much language to that effect). Please get help. Good luck.
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