escape clause words needed

1 Reply

There is a thread in another forum,
"about to sign for home sustain injury
...a week away from making settlement on home...when mother suffered a spinal cord injury. They had put a down payment on the house. The builders told them if they back out they loose the down payment... is there a way, legally, they can opt out of the agreement without loosing the down payment? "

Interestingly, a couple of weeks ago, prior to putting an offer on a house, I had said to my agent: I'm old and not in great health. What happens to this if I die before closing? She looked at me stunned, and said, well, I guess your kids complete it.
That is NOT what they would want, and since closing would be delayed, could be so much more extremely expensive.

What words can I have inserted in a contract to "escape" a contract in case of injury, illness, or death?
thanks,
ofgift

Create Lasting Wealth Through Real Estate

Join the millions of people achieving financial freedom through the power of real estate investing

Start here