Legal Question in Wills and Trusts in Michigan
land contract
i have a land contract with my brotherinlaw,he died, he gave the property with a contract for us to pay his trust with his sons name on it until paid in full. can his son write a new contract for the rest of the amount or does the contract stay like the will says?
2 Answers from Attorneys
Re: land contract
One a person enters into a contract the terms of the contract must be honored. In order to change the terms of the contract a new agreement would have to be negotiated with a new offer, acceptance and consideration.
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Re: land contract
if you and the land contract holder can agree on new terms, you can certainly make new land contract terms. Did your dad sign a deed at the time of the land contract? If not, you. Will need to probate his estate in order to get ownership when paid off. Visit www.kliszlaw.com. Tim Klisz
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