can you inherit a contract or do you have to start a new one?
i moved into my mothers house after she died and mine burned to the ground. The lady she was buying the land keeps wanting me to sighn a new contract starting over when mom was almost paid off. she sold the land to mom for 20,000 the land is worth way more now. is it legal or must she honor mom contract since i am her daughter and mom died.
- Anonymous1 decade agoFavorite Answer
You can inherit a contract! Unless it specifically states that it is not transferable.
As long as the seller got her payments, she has no further claim, except for the balance owed. Otherwise someone could claim a house back if the people who bought it died!
- 1 decade ago
you should contact an attorney on this. But here is some general information.
Most contracts have a clause that states "BINDING EFFECT: This Contract shall extend to and be obligatory upon the heirs, executors, administrators, personal representatives, successors and assigns of the parties to this Contract." or something like that. What that means is self explanatory. The issue here is whether she died with a will or without a will and if there is a probate taking care of the estate. Another question is whether you live in a title theory state or a lien theory state. So....
Get a hold of the contract your mom had, it can be found in one of two places the county records where the property is located or at the escrow company that receives the payment and holds the instruments. If the seller has the contract ask for a copy of it. This request should be in writing.
A good probate attorney should be able to quickly solve this problem.Source(s): http://www.realestateformnm.com
- helixburgerLv 61 decade ago
No one can tell you for sure without seeing the contract - attorney time, real estate contract law.
- guineasomeloveLv 51 decade ago
You should probably speak to a lawyer about the situation. Good luck and I hope that you don't get screwed over by that woman.
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- elmo oLv 41 decade ago
she must honor the origional contract.
in effect she is trying to sell you something she doesn't own much of