Legal Question in Real Estate Law in Oklahoma

real estate contracts

Bill sells a ranch to Tom. the contract is signed by both parties and tom deposits the earnest money. bill commits suicide before the ranch closes. since there is only one party left in the contract is there still a contract? there is no mention made of assigns or heirs in the contract.


Asked on 3/08/07, 3:15 pm

2 Answers from Attorneys
Cheryl Rivera Smith The Smith Law Firm

Re: real estate contracts

The decedent's estate is obligated to fulfill the terms of the contract.

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Answered on 3/08/07, 3:24 pm
Loyd Wright Loyd H. Wright

Re: real estate contracts

The contract is known in probate as an executory contract and the executor/administrator of Bill's estate effectively becomes the seller.

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Answered on 3/08/07, 3:27 pm


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