the sellers personal representative will open an estate and the personal representative of the estate will after approval of the court execute the documents for selling the property to you. you may require the assitance of a lawyer to oversee the matter on your behalf. its advisable in any real estate transaction to utilize the services of a lawyer
without a detailed review by a lawyer can all the issues raised in your question be appropriately addressed...nothing in this response should be construed as establishing a lawyer client relationship..the answers herein are for informational purposes and not to be construed as advice
The buyer still has the right to require the seller's estate to go through with the sale. However, a probate administration has to be opened before the property can be transferred. This will probably extend the closing date beyond the date set in the contract. The bottom line for the buyer is that if the buyer wants to back out of the contract, he or she can. However, if the buyer wants to go through with the deal, the closing date on the contract will have to be postponed.
Disclaimer: This answer is provided for informational purposes only, does not constitute legal advice, and does not create an attorney-client relationship. Actual legal advice can only be provided after completing a comprehensive consultation in which all of the relevant facts are discussed and reviewed.
The mere death of the seller does not allow the Buyer to back out but as a pratical matter it will be difficult for the seller's estate to comply with time requirements of the contract. If you are the buyer you had better see an attorney as you will want strict adherence to the time requirements of the contract in order to get your deposit back. The real estate company will want someone from the estate to sign the release of deposit doc.
If you are the seller you can set up a PR and still close. BOTH parties need legal guidance.
The information herein is for informational purposes and general information purposes. It should not be relied upon. Consult an attorney for legal advice that you can rely on.