QUESTION
When the contract is fulfilled, what should we do?
Asked on Sep 15th, 2015 on Estate Planning - Michigan
More details to this question:
My parents sold their property on Land Contract. We (heirs) are perfectly content to continue the arrangement. We have not informed the new owner of this change. We are in another state. The money orders are made out in my parents name and are deposited into their checking account (of which I am also an owner). Land contract ends in about two years.
2 ANSWERS
You will need to start a probate proceeding for the estate of the parent that died last to have a personal representative appointed so that person can convey title to the buyers.
Answered on Sep 23rd, 2015 at 9:42 AM
Appellate Attorney serving Grosse Pointe Farms, MI
at
Musilli Brennan Associates, PLLC
Update Your Profile
The heirs inherit the land contract, are bound by it, and the legal title to the property which must be transferred to the buyers on the satisfaction of their obligations.
Answered on Sep 23rd, 2015 at 9:42 AM