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Updated almost 11 years ago on . Most recent reply

User Stats

10
Posts
2
Votes
Edwin Lau
  • Renter
  • Toronto, Ontario
2
Votes |
10
Posts

Death during Owner Financing

Edwin Lau
  • Renter
  • Toronto, Ontario
Posted

Hypothetical question but also a possible reality depending on whether the current owner is willing to sell.

What would happen if the current owner of apartment A passes while we're in an owner financing situation?  The current owner of the apartment has never been married, no children and to my knowledge has no extended family.  He's well into his 80s and in poor health, lives alone and has multiple units in my condominium.  I've asked if he's considered selling one of his units but I have yet to hear back from him.

I have no idea where I would find information for a scenario like this but if he agrees to sell and more so - an owner financing agreement, the above scenario is very possible and I would appreciate it very much if anyone has any insight to this short of referring me to a lawyer.  

Thanks very much

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