RentToOwn-HouseFinder.com

buying my mother in laws house on a rent to own with contract?

We are buying my mother in laws house on a rent to own contract. We drew up papers and my husband and I signed and my mother in law and my nephew who is the executor for her. We are paying a monthly amount until the house is paid for. She owes a smaller amount to the bank than what we are purchasing the house for. My question is this, if my mother in law passes away before the house is paid in full who would sign the house over to us. She is going to after we have paid the full amount but in the case of her death we want to make sure it can get signed over. Would the executor be able to do this? Thanks

Public Comments

1. uh...no one. If she passes away, unless there is insurance on the mortgage, it may well have to be sold to pay off the outstanding loan and your unrecorded interest will be subject to a court battle. You need to have the terms of the land contract fulfillment in case of her death incorporated into the will. In which case, the executor can sign it over
2. Wow, this could get ugly in a hurry. I do not have a clue what sort of papers you had drawn, but I would think if any attorney worth their salt did it, this would be addressed in the terms. If not, make sure there is a legally binding document that everyone has signed to determine disposition of the property if she should pass away before the RTO contract is fully executed.
3. i agree with the last poster. you need to be asking this to a good real estate and a good estate planning attorney. this can turn into a huge mess if everything is not filed and signed correctly here.