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Every Thing Else Board
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<blockquote data-quote="greybeard" data-source="post: 973945" data-attributes="member: 18945"><p>I'm curious Hurley.</p><p>"at the time of her death the note is paid off"---to who?</p><p>If she passes on before the note is paid off, and she truly has zero heirs, the state most likely gets involved, and if her assets (in total) are significant enough, so does the IRS and both have the ability to exact more than the agreed upon price even if it's contractual. </p><p>In addition, if she has any outstanding debt at the time of her death, those lenders can put a lien on anything considered an asset, even if it's under a sale agreement in progress.</p><p>Unlikely scenario perhaps, but ya have to be really careful with this kind of thing especially when dealing with property purchases involving aged people (like most of us are).</p></blockquote><p></p>
[QUOTE="greybeard, post: 973945, member: 18945"] I'm curious Hurley. "at the time of her death the note is paid off"---to who? If she passes on before the note is paid off, and she truly has zero heirs, the state most likely gets involved, and if her assets (in total) are significant enough, so does the IRS and both have the ability to exact more than the agreed upon price even if it's contractual. In addition, if she has any outstanding debt at the time of her death, those lenders can put a lien on anything considered an asset, even if it's under a sale agreement in progress. Unlikely scenario perhaps, but ya have to be really careful with this kind of thing especially when dealing with property purchases involving aged people (like most of us are). [/QUOTE]
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