Owner Financing Contracts Gone Wrong

[Jean-Pierre Lepoureau]

Folks,

Just a question has anyone ever experience a situation where you have owner financing and you have paid the entire term to find out that the owner is deceased?  

So you pay into a fix bank account for 20 years and now your looking for the lien release to file at the local court house and guess what you hear crickets ...and the owner is deceased.

What to do any other experiences out there on this topic?

[Scott Williams]

Originally posted by @Jay Hinrichs:

 would it be a good Idea on seller finance deals to have a release pre signed and notarized and held at a neutral 3rd party to be recorded upon proof of performance of the buyer?

 I have inquired with escrow on this previously and they weren't hot on the idea of a "stale" Reconveyance.  I do short term loans and thought it would be easier to notarize the Reconveyance at my convenience and then hold until I received a pay off demand.  At the outside, my reconveyance would be 3-6 months "stale", but I was told not to do it that way.