The person is not well. So I am concerned if I should back out of contract or if I can still purchase the property.
Is there something we can add to the contract for his adult child to carry out the closing if something should happen?
There is no contract at all should the seller die without executing the contract. Should the seller execute the contract and then die, the sale could not consummate without permission of the Surrogate Court and permission for the executor of the decedent estate to go forward with the transaction.
The contact becomes an item of personal property in the decedent estate upon death of the owner.
I addition there are likely a host of other problems with the coop transfer of shares of a deceased shareholder and disposition of the seller's personal property contained within the apartment.
The seller's attorney and your attorney are OK with this contract even with the seller in near death?
I have forty years experience in the specialty of Housing Law and Tenant's Rights advocacy. The answer I provided to you does not create an attorney and client relation. You are free to check my office contact information at my AVVO profile. The answer offered is in the nature of general information, and should not be considered as tailored legal advice. I offer answers as a service to the community with my firm belief that you should try gain a good outcome for your legal issue and to avoid a bad outcome if you can.
Unless the contract states otherwise the estate is bound by the contract. They will need to go through the surrogates court.
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