sale of property
lived on property for 10 years was buying it from a uncle who has now passed away.the loan was in his name i paid him. a cousin has taken over his affairs and wants the property sold. i have paid the loan for the 10 years . 2 lots of the property belong to other family members. when the house is sold who should get the money after the loan has been paid in full. should the cousin get whats left over or the person who was paying on the loan.thanks
1 Answer from Attorneys
Re: sale of property
You apparently had what in the law is known as
a contract for deed type purchase arrangement
whereby the buyer makes(usually)monthly payments to the seller who retains title and legal ownership of the property until the buyer has made all the payments due at which time the
buyer should then receive the title to the property.
Unfortunately, if the seller dies before the
buyer has made all the payments, the title passes
with the decedent's other prioperty to his heirs
who may decide to treat the contract for deed
purchase arrangement as nothing more than a rental agreement which has now ended and under which they have no legal obligation to continue.
You may wish to consult with a real property practitioner in the area where the land is located to see if some kind of equitable claim can be developed in your behalf to salvage this situation for you, if not completely, then, perhaps, at least partially.
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