Legal Question in Real Estate Law in Ohio
Resposibility of contract upon death
Who would be responsibile re:fulfilling a binding contract re:purchasing land from a company upon the death of the person(an individual not a company)who actually signed the contract? Only a deposit prior to the death was provided.
1 Answer from Attorneys
Re: Resposibility of contract upon death
Dear Inquirer:
Generally, the estate of a decedent (i.e. the person who died) may conclude the business affairs of the decedent. This simply means that his or her estate may elect to conclude the purchase, with the Probate Court's approval, for the benefit of the beneficiaries of the estate. Or, alternatively, the estate may elect to rescind or cancel the purchase, on the basis of the suggestion of death, if that event, as an "escape clause" was included in the Offer to Purchase.
I strongly urge you consult experienced legal counsel to assist you in deciding the best course to pursue.
Good luck.
Sincerely,
J. Norman Stark, Cleveland, Ohio.
Related Questions & Answers
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
