Las Vegas, NV · Member since 2015 · 123 posts · 34 votes
I'm currently trying to write up a purchase agreement for owner financing. The seller is my step-father-in-law with leukemia. We are doing a 5 year balloon payment. My question is, what happens if he dies before we pay him back? Do we write in the agreement we will then pay his wife (my husband's mom)? What would you suggest?
Write the contract that specifically states that this agreement shall remain in effect to his lawful heirs who inherit his legal property.He also needs a will and living trust specifying which person gets this contract upon his death.