Legal Question in Real Estate Law in Virginia
Validity of Sales Contract after Death of Owner
My father, who passed away in October of 2006, owned 25 acres of land in Louisa County Virginia. Prior to his death, he accepted a contract from a buyer which was drawn up in April 2006. The sale never went thru. My step-mother & I are now the owners of the property. Are we obligated to honor the original sales contract? The property is valued at much more than the original contract offered. My father was ill & we think that he was trying to get this matter resolved quickly & therefore was willing to sell the land for much less than it was worth.
1 Answer from Attorneys
Re: Validity of Sales Contract after Death of Owner
An attorney would need to review this sale contract which apparently was never followed through on as well as the facts surrounding its creation in order to determine whether it now may have any validity or not, and whether you and your step-mother as inheritors of the subject property may have any obligations with respect to this contract which never came to fruition.
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