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Contract for Deed and Estate Law in Texas
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I have a contract for deed with my mother. She obtained the loan for the property and home in her name. (She also lives on the property in a seperate house.) However, I have paid the down payment and ALL of the monthly notes on the loan for property and house.
I trust her completely, and if the loan is completed prior to her death I have no doubt that she will honor our contract for deed.
However, it is more likely that she will not survive the repayment of the loan at the current rate. She has made it clear in her will and her son, who will be her estates' executor, understands that her wish is that the estate complete the loan and that I repay the estate and that the deed would become mine.
However, I do have a relative that may cause problems if they can. I do not know enough about Texas estate law to know if my Contract for Deed and her Will would be sufficient to protect my interest.
I don't wish to go through the expense of assuming the loan - Will the Contract for Deed be honored under Texas Law or will the Estate Laws rescend the contract? What other legal options are open to me to protect my interest?
Thanks,
I trust her completely, and if the loan is completed prior to her death I have no doubt that she will honor our contract for deed.
However, it is more likely that she will not survive the repayment of the loan at the current rate. She has made it clear in her will and her son, who will be her estates' executor, understands that her wish is that the estate complete the loan and that I repay the estate and that the deed would become mine.
However, I do have a relative that may cause problems if they can. I do not know enough about Texas estate law to know if my Contract for Deed and her Will would be sufficient to protect my interest.
I don't wish to go through the expense of assuming the loan - Will the Contract for Deed be honored under Texas Law or will the Estate Laws rescend the contract? What other legal options are open to me to protect my interest?
Thanks,
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I hope a competent lawyer drew up both the contract for deed and the will. If so, then you have probably done as much as you can. Texas law honors wills and estate laws deal with situations where there is no will or several wills.
On the other hand we have all heard about famous cases in Texas where wills have been broken. Who knows what a really bad relative with a really good lawyer can do.
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On the other hand we have all heard about famous cases in Texas where wills have been broken. Who knows what a really bad relative with a really good lawyer can do.
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Answer Date: 02:38am 08/01/08









