Home Buying in Saginaw>Question Details

Ab2530, Home Buyer in Scottsdale, AZ

We are buying a condo, but one of the two sellers may die before we close. What can/should the sellers do and is there anything we can do?

Asked by Ab2530, Scottsdale, AZ Sat Mar 16, 2013

The sellers asked if we could close asap, because of the husband's terminal illness and his poor state of health. We can't because we have to wait for financing to go through, which will several more weeks. Is there any issue here? We didn't think it would matter, since we're already under contract, but now we're not sure

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Thanks to everyone for their comments. We did suggest that our realtor mention to the sellers' realtor about the wife obtaining power of attorney for her ailing husband. In answer to other questions, this is not a short sale. It is also my understanding that the sellers own the condo outright (via an estate -- it's been vacant for at least a couple of years). Our bank lender also suggested that the husband might want to deed the condo to the wife, and I passed that suggestion to our realtor, too. Hopefully everything will go as smooth as possible for the sellers.
0 votes Thank Flag Link Fri Mar 22, 2013
That would be my advise, Seller should have a Power of Attorney. I went through the same issue last year. Once again not giving legal advice, an attorney would be needed for that.
0 votes Thank Flag Link Sat Mar 16, 2013
Seller should get power of attorney to sign for the other if necessary
0 votes Thank Flag Link Sat Mar 16, 2013
Hello,

In addition to the answers that have already been given; the living seller can produce a death certificate to the Title company which will also help expedite the matter, in case one of the sellers does pass away.

But you did leave out some information that COULD tie things up, such as; do the sellers have a will or a trust in place, is the property that is being sold, free and clear or is there a mortgage, and is the property being sold possibly a short sale with the "selling" bank placing a "must close by date" on the deal.

All of these matters should be discussed with the seller's agent and a lawyer to try and take care of everything that needs to be addressed, PRIOR to one of the sellers passing. It sounds like time is of the essence in this matter so I would not waste any time in making sure BOTH sides are ready regardless of what happens with the seller's health.

Good Luck,

HAIG
(248) 379-6547
realtorhaig@aol.com
0 votes Thank Flag Link Sat Mar 16, 2013
That sounds very sad. Sorry that is happening.

This is my personal opinion only, not legal advice. I can not and do not give legal advice so you should seek legal counsel only from a licensed attorney in your state.

Perhaps the dying seller could provide power of attorney to someone else? Hopefully they are making the necessary provisions and arrangements that most do as life nears an end. Our contracts specifically address that the obligation to sell binds to the estate, heirs, etc. and thus there still may be an obligation to sell.

If you have an agent, have them address your concern with the listing agent. If you are working directly with the listing agent, discuss this with them.
0 votes Thank Flag Link Sat Mar 16, 2013
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