Real Estate Law
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Good evening. My name is ***** ***** I look forward to helping you.
Can you provide me a bit more information? Does the Seller have a mortgage on the property currently that will not be paid off? Thanks.
Thanks for following up. Once you purchase property you own it, and so any mortgage he puts on property he retains won't impact you. What you want to put in your loan documents is a specific provision that the death of the seller does not cause an acceleration of the loan. As long as you have that provision, the seller's heirs simply inherit the note and you pay them just as you did the seller.
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