Protecting Home Purchase Probate

Summary

When buying a house subject to probate, include conditional clauses like finance, building inspection, and probate clauses to protect your interests. Ensure your deposit is refundable and consult a solicitor for contract review. Additional protections include due diligence periods, title search clauses, and flexible settlement dates. These measures can help safeguard your investment and provide options if conditions are not met.

Full Conversation

I am purchasing a house subject to probate, there are conditions in there saying seller could withdraw, what can i do to protect myself from buying
Hi Yvonne! To protect yourself when buying a house subject to probate, consider the following:
- Conditional Clauses: Include clauses that allow you to withdraw if certain conditions aren't met.
- Deposit Protection: Ensure your deposit is refundable.
- Legal Advice: Consult a solicitor for specific advice and review of the contract.
Have you consulted a solicitor about the contract terms yet?
yes
That's great to hear. Consulting a solicitor is crucial in these situations. They can help ensure that your interests are protected and that the contract terms are fair. If you have any more specific questions or need further assistance, feel free to ask!
examples of conditinal clause
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Here are some examples of conditional clauses you might consider including in your contract:
- Finance Clause: The purchase is subject to you obtaining finance approval.
- Building Inspection Clause: The purchase is subject to a satisfactory building inspection.
- Probate Clause: The purchase is subject to the grant of probate being obtained by a certain date.
These clauses can provide protection if the specified conditions are not met.
Probate Clause example
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Sure, here's an example of a probate clause:
"The purchase of the property is conditional upon the grant of probate being obtained by the seller on or before [specific date]. If the grant of probate is not obtained by this date, the buyer shall have the right to terminate this contract and receive a full refund of any deposit paid."
This can help protect you if the probate process is delayed or not completed.
more examp;es of protect buyer
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Hi Yvonne! Here are some additional ways to protect yourself as a buyer:
- Due Diligence Period: Allow time for you to conduct thorough inspections and assessments.
- Title Search Clause: Ensure the property's title is clear and free from encumbrances.
- Settlement Date Flexibility: Include terms that allow settlement date extensions if necessary.
I hope this helps! If you have any more questions, feel free to ask.