My wife and I are buying (we think) a property in Wildwood (Calgary). The day we signed off on the deal (September 19th) the owner died as he was very sick. We extended the possession date so that the sellers could go through probate and file all of the necessary paperwork. We are suppose to close tomorrow (November 15th) but the probate has not been finalized. I was informed today that the paperwork was filed on October 12th because the seller`s lawyer was having problems with the paperwork.
I was not informed until late last week that probate had not been finalized.
I have been in touch with my realtor and lawyer to see how we can be protected if we take possession on the 15th. With Tenancy at Will we would take possession and pay rent to the sellers (basically just our mortgage payment) until the probate is finalized. My wife and I want some form of protection as our plan is to do a major reno starting as soon as we take possession.
I spoke with my lawyer today and he seems to think that we should just trust the sellers and that the probate will be finalized within a couple months.
The fact is we will be investing money into the property but it won`t be ours until the probate is finalized. What happens if a relative of the seller contests the sale of the property or the price we paid for it and we have installed a new kitchen, bathroom etc?
What can we do to protect ourselves? Help!
Has anyone gone through a probate?
I was not informed until late last week that probate had not been finalized.
I have been in touch with my realtor and lawyer to see how we can be protected if we take possession on the 15th. With Tenancy at Will we would take possession and pay rent to the sellers (basically just our mortgage payment) until the probate is finalized. My wife and I want some form of protection as our plan is to do a major reno starting as soon as we take possession.
I spoke with my lawyer today and he seems to think that we should just trust the sellers and that the probate will be finalized within a couple months.
The fact is we will be investing money into the property but it won`t be ours until the probate is finalized. What happens if a relative of the seller contests the sale of the property or the price we paid for it and we have installed a new kitchen, bathroom etc?
What can we do to protect ourselves? Help!
Has anyone gone through a probate?