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Hi…
I am currently investing in Calif…I want to offer a lease-option/or purchase for certain properties here…My question is, what happens if the seller dies during the time period of the option/purchase…? Ie. property taxes are reassessed here if a property is sold and acquired by a non-close-family member….
I am a little confused by whether or not this represents a possible danger….ie since one Seller I am in negotiations with IS in his late 70’s but had heart attack a few years ago, so his health may be ?able. He told me he thinks he’ll live another 10 -15 yrs…If he passed away say, in year 3 or 4 of a lease/option term….and I had a contract with him to not have to close until year 10….what would I do/how should I protect myself in event he passed away and property taxes went ski-high in year 3 or 4 (at time of his passing, theoretical of course).?
Just curious what the street smarts are on this potential problem….Does anyone know?
Thk you
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