When the contract is fulfilled, what should we do? 4 Answers as of September 25, 2015

My parents sold their property on Land Contract. We (heirs) are perfectly content to continue the arrangement. We have not informed the new owner of this change. We are in another state. The money orders are made out in my parents name and are deposited into their checking account (of which I am also an owner). Land contract ends in about two years.

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Law Office of Pamela Braynon | Pamela Y. Braynon
There is really not enough info for me to answer this question. I can only assume your parents are both deceased (or are they?). You will need to read the contract, as it may address this issue within the contract. Otherwise because the info you provided is so limited there is very little I can advise.
Answer Applies to: Florida
Replied: 9/25/2015
The Krone Law Firm, LLC | Norman B. Krone
Are your parents still alive? If so, there is nothing for you to do. If not, Notice should be given to the contract purchasers of their death and the correct name of the owners and to whom to make payments.
Answer Applies to: Florida
Replied: 9/24/2015
Musilli Brennan Associates PLLC
Musilli Brennan Associates PLLC | John F Brennan
The heirs inherit the land contract, are bound by it, and the legal title to the property which must be transferred to the buyers on the satisfaction of their obligations.
Answer Applies to: Michigan
Replied: 9/23/2015
Vandervoort, Christ & Fisher, P.C. | James E. Reed
You will need to start a probate proceeding for the estate of the parent that died last to have a personal representative appointed so that person can convey title to the buyers.
Answer Applies to: Michigan
Replied: 9/23/2015
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