Looking for insight from anyone who has had a similar experience. I am under contract to close on a single family on the 15th of this month. The contract was executed with the seller's sibling who had power of attorney. The seller passed away early this morning. There is a small mortgage on the property as well. I can stand running through as many walls as it takes to get this done. I just want to make sure I'm not waisting time and resources if there basically no chance it can get done. Thanks for your input.
Well, you can just wait.....assuming the heir will still sell at the same price.
Brandon, the contract would be null and void:
"Where a party dies after the contract is signed and before settlement occurs, the contract is then automatically terminated, or discharged. ... The reason is that when a person dies, all property held by that person as at the date of their death is then held by that person's executors and trustees under their Will." And, "Powers of attorney do not survive death. After death, the executor of the estate handles all financial and legal matters, according to the provisions of the will. An individual can designate power of attorney to his attorney, family member or friend and also name that same person as executor of the estate."
Would the sibling who held the POA happen to be the executor as well? While your current contract is void, possibly a new contract could be executed under the same terms. Fingers crossed for you...