I need help on how to handle my current deal. I'm a wholesaler in the Dayton OH area and I currently have property under contract. The property is owned by an elder woman whose son was selling her property because she is terminally ill. He has POA of her affairs so he has the right to sell the property. Here's the problem, by time I finally got the property under contract , found an end buyer, and sent everything to the title company to start closing, the mother dies and now the title company is saying the son has to go through probate. From what I read about probate, this could take months. Is there anything else the son could do to speed up the process? Could heirship affidavit work in this situation? I don't want to lose my end buyer because he's not willingly to wait. Help!
The power of attorney dies when the person who issued it dies. So now you will need to determine who will be the executor / executrix / personal representative / estate administrator. That person could be named in a will if one exists, and that person is the one to settle the affairs of the deceased.
Going through probate might be necessary because the assets of the deceased are supposed to be used to pay for the debts of the deceased, with whatever remains being distributed to heirs. Your buyer will want "good" title, i.e. no encumbrances.
You still might be able to salvage your deal with another buyer if your current one is impatient.
Just put in under contract. I'm not familiar with with OH probate laws or any shortcuts to bi-pass a formal probate. Your affidavit of heirship idea would be great if the situation applies.
Hopefully you'll get someone with Ohio probate experience to weigh in.
If you had the property under contract BEFORE she passed away, you may still be able to complete the transaction. Many contracts include a clause binding heirs to honor the agreement.
Also, the court can approve the sale pretty quickly if it is a small uncontested estate.
if you don't mind me asking, how are you marketing in the Dayton area?
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