Legal Question in Real Estate Law in Arkansas
Real Estate Poser
We sold two lots in Buckeye,Az. in 2001. We were holding the paper on them for 23 momths with a balloon note due on the 24th.The purchaser of the property, a single man died intestate. His father became the administrator of his estate which we learned was insolvent.Prior to that, the father made two delinquent payments and wrote to say thaat the note would be paid in full.We are still in limbo. What can We do to get this property back without incurring a large expense?
2 Answers from Attorneys
Re: Real Estate Poser
You should contact an Attorney to review the Contract(s) and discuss your legal options...
Re: Real Estate Poser
I would need to see the contract before I could say anything for certain. But his estate does still have the right to continue purchasing the property, I would assume, unless there is something different in the purchase contract. Have you passed the deed yet? If you are to get the property back, you could discuss this with the executor of the estate (his father). He may not want the property and may be willing to work with you to get it off his hands. If not, you may have to undertake foreclosure proceedings if they do not pay on time. It would also depend on exactly what was written on on the note that said he would pay in full after he was late with the 2 payments he made.
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