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This would depend on whether any of the heirs objected or not. The executor's job is to settle the estate, not really to enter into multi year contracts acting as the bank. So if the beneficiaries didn't want to have any Note transferred to them as part of their inheritance, they could object and ask the judge to order a normal sale of the property.
And from a practical perspective, if something goes wrong, the estate or the heirs are stuck foreclosing on the buyer and incurring all the legal costs associated with that...