Full question:
my grandmother and i are buying a home thats owner financed. It was drawn up as we were both two single people instead of jointly. Her son has poa and possibly everything in her will. We made the deal on the house here in oklahoma where as evrything else was done in texas. Can her son get our house if she or when she dies?
- Category: Contract for Deed
- Date:
- State: Oklahoma
Answer:
A contract for deed, or land contract, is often used as an alternative means of financing the purchase price of property. The buyer does not receive an actual deed until payments are made under the terms of the contract for deed agreement. Until the buyer receives a deed, ownership isn't transferred and the property is subject to being foreclosed on if the mortgagee/owner defaults on the mortgage. The responsibility for payment for the property is a separate issue from the ownership of the property.
In some cases, usually where the land is not occupied and payments are in arrears, the court may find the contract was abandoned. In such cases, the agreements are no longer enforceable and the property becomes part of the estate. However, if payments are current and there are no arrears or breach of contract by the buyer, the estate representative will typically be required to uphold the contract obligations due to the equitable interest the buyer has in the property through making payments, paying taxes, and making improvements to the property. It is recommended to write terms into a land contract to clarify the obligations of the parties in the event of the death of the owner.
Please see the information at the following link:
http://courts.co.calhoun.mi.us/quest852.htm
http://courts.co.calhoun.mi.us/epic0259.htm
This content is for informational purposes only and is not legal advice. Legal statutes mentioned reflect the law at the time the content was written and may no longer be current. Always verify the latest version of the law before relying on it.
