So I find myself in a rather unique position. I have recently made an offer on a unit and had it accepted. Following acceptance I was notified of the seller's passing.
Has anyone else been in this situation?
I've asked my settlement agent to provide some advice, but am yet to hear back.
are you sure ? it was to my understanding that the executor have to fulfill any legal commitments that where made prior to that persons death, it just gets a little more complicated.
it's an offer. no contract has been made.
OP specified it was accepted. pretty sure that is a contract.
made an offer on a unit and had it accepted
Doesn't the seller accepting the offer make it a contract?
@daveaus: Yeah. The contract was made, and Settero is right, have now talked to a lawyer.
Still tossing up whether or not to try and get out of it, given how long the process could take.
@Settero: should take a step back and get quantification from the OP whether this was:
(A) a verbal/email/informal offer and acceptance; or (as he is in W.A.)
(B) was it made using the Contract for Sale of Land (or Strata Title by Offer and Acceptance form) and the Joint Form of General Conditions for the Sale of Land?
edit: op confirms contract made. therefore the contract would continue with the executors as the seller.
Find out who the executors of the will are.
Was the offer accepted in writing? If so contact the executors and say you are happy to still go ahead if they are happy.
wait for reply from agent, rather than armchair lawyers on here
What a unique situation!
However, as a lay person who has had a couple of houses bequeathed to me , I would feel that the contract made between you & the seller ( before their untimely end ) would be legal & binding. Surely it also states on there a length of time for finalization i.e. 30,60 or 120 days from acceptance of the offer. Don't think anything on a house sale contract states that should the seller pass away between acceptance & completion , the contract becomes null & void, does it ? What if you had passed away - does that mean the seller could have come after your estate to complete the contract?
Do let us know the outcome - this is almost as good as Coronation Street & Eastenders !!!!!
So for everyone's benefit I have talked to a lawyer. From that discussion it appears that:
I'll update in a few weeks / months when it's all gone through.
Good - Thought I was correct. The owner of the property signed a legal contract to sell to you. The executor of a will is only there to fulfill the wishes of the person who has passed away. You also must have agreed a price, in writing, on the legal contract, for the property, & this too must be adhered to.
The family of the seller might have a few grumbles & try to hold things up - especially if they think they could have gained a better price - but that should be the only hold up in the process - + - the more they hold up proceedings & argue, the more it will cost them from the executor who will be billing them for every instance he has to look into & taking it out of the residue of the poor dead sellers estate before passing on the end residue.It truly is in their best interest to allow the sale to continue without a fight.
Please keep us informed.
Did they die in the house
No, the house is vacant.
Did they die in the house
Do you believe in ghosts? Is that why you asked?
not ghost, maybe alittle bit in luck.
Just morbid curiosity asking.
Interested to know too!
So, for an update we now own the house, it took about 8-10 weeks for the probate etc. to get through the court. After which everything went pretty quickly and smoothly.
Worth noting that the damages portion of the contract would likely go to court if you tried to apply it (which we didn't), for not being "fair" considering the passing of the seller.
The lawyers did misinform me on a couple of counts, however common sense prevailed in the end.
it's gone. the estate will now be in the hands of the executors of the will.
unless the executors want it sold.
but that can be a lengthy process. you have to find out who the executors are.
the settlement agent most likely has no further part in the property and is unlikely to do anything more. unless the executors want to sell the property.
personally, I'd move on.