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We receive a lot of questions from both buyers and sellers and one of them that has come up a couple of times is:

If I sign a listing agreement with a brokerage but pass away before any offers have occurred, is the contract binding on the heirs of the seller to continue offering the property for sale? 

If the same thing happens but with an offer situation, what are the rights of the buyer(s)?

Hi, I'm Frank Polsinello with the Polsinello Team at RE/MAX

And, In the case where the same thing happens but with a buyer client, my guess is the contract is null and void. 

However, if a buyer’s offer is accepted but death occurs before closing would this still be void? 

What are the rights and options of the seller(s)?

Answer:

The agreements never become null and void, whether they be listing agreements, Buyer Representation Agreements or Agreements of Purchase and Sale.

They continue until completed, terminated or expired.

The Estate can accept an Offer immediately after death if there is a Will in place.

If there is no Will, then the estate must await a Court-appointed Trustee, to act.

It is also important to note that the transaction cannot be closed until the Estate Trustee has been appointed. 

So, that may affect the choice of the closing date and it may be delayed or postponed until the probate is complete.

If you’d like to discuss your upcoming home sale or estate sale, I invite you to connect with me Frank Polsinello at polsinello.ca or 905-830-9111.