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Barrister
Barrister, Attorney
Category: Legal
Satisfied Customers: 34245
Experience:  16 yrs practice, Civil, Criminal, Domestic, Realtor, Landlord 26 yrs
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wa state real estat6e contract law...MY older brother sole

Customer Question

wa state real estat6e contract law...MY older brother sole his house in 2011 as a owner carry contract..He died and probate has left the house to my elderly father who does not want to carry the contract..He wants the people to re-fi the house...What is the law regarding my father's expectations as he is 94 and doe not want to carry the paper. The people who bought the house do not have a copy of the contract...Neither did my oldest brother
Submitted: 3 years ago.
Category: Legal
Expert:  Barrister replied 3 years ago.
Hello and welcome! My name is Barrister and I will try my level best to help with your situation or get you to someone who can.
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What is the law regarding my father's expectations as he is 94 and doe not want to carry the paper.
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If your brother had a contract between himself and the buyer for the sale of the house with brother carrying the note, when he passed, his estate would then become the owner of the debt as well as be bound by the contract. If there was a written contract originally, and it was later lost, then the existence of it could be asserted by the buyers through oral testimony as well as proof of any payments that they had made.
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With that said, if your father has inherited the contract from brother's estate, then he would be bound under it as well and couldn't force the buyers to refinance and pay off the debt if that wasn't a clause in the original contract. Father essentially "steps into the shoes" of brother and would be obligated to continue with the contract.
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However, if he wanted to sell the contractual right to receive payments so he could "cash out" the obligation, then he could offer to sell it by assigning it to another buyer. There are companies that purchase obligations like this that also buy annuities, term payments, and settlements paid out over time.
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This would probably be his best recourse to cash out the account if he couldn't find someone privately to purchase it from him.
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I am sorry that I don’t have better news for your father, but please understand that I do have an ethical and professional obligation to provide customers with legally correct answers, even when an answer is not favorable to the customer.

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Thanks
Barrister
Customer: replied 3 years ago.


thankyou...

Expert:  Barrister replied 3 years ago.
You are very welcome. Sorry the news wasn't better.
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Thanks
Barrister