land contract question

What is the name of your state?
ohio

hi, i have a question about land contracts
i am a buyer in a land contract,
what happens if the seller dies before all payments are made?


also, if the seller dies and the property is inherited by the children of the seller
is my original land contract still valid?

and lastly, can the seller raise the payment amount after the contract has been signed and the payment amount has been agreed upon?

knightlazer said:

What is the name of your state?
ohio

hi, i have a question about land contracts
i am a buyer in a land contract,
what happens if the seller dies before all payments are made?

Click to expand...

The contract becomes an asset of the estate

also, if the seller dies and the property is inherited by the children of the seller
is my original land contract still valid?

Click to expand...

yes.

and lastly, can the seller raise the payment amount after the contract has been signed and the payment amount has been agreed upon?

Click to expand...

Yes, with your approval and an addendum to the original contract.

thanks for the info

thank you much for the info
i feel much more secure knowing this

i was worried because the seller is up there in years and keeps talking about death.

the last thing i want to worry about is him croking and me not having a home anymore

thanks again

knightlazer said:

thank you much for the info
i feel much more secure knowing this

i was worried because the seller is up there in years and keeps talking about death.

the last thing i want to worry about is him croking and me not having a home anymore

thanks again

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**A: don't be so secure yet. Is the land contract recorded on title? You live in Ohio, the Seller can't crok as there are no gators there.

HomeGuru said:

You live in Ohio, the Seller can't crok as there are no gators there.

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Sorry, you are absolutely wrong. I know for a fact there is at least one gator in Ohio. Of course, it's kept in a large acquarium.

bdancer said:

Sorry, you are absolutely wrong. I know for a fact there is at least one gator in Ohio. Of course, it's kept in a large acquarium.

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**A: what's an acquarium?