My company signed a 3 year lease/option contract for a building that was onwed by a widowed women. But before we could initiate the option to buy she died one year later. Her only daughter later on inherited all her assets and told us we must signed and negotiate a new contract. Do we have to negotiate a new contract or do she have to honor the contract that we had singed with her mother before she died?
4 thoughts on “Signed a lease option contract but the owner died. Will I need to negotiate a new contract with new owner?”
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I some cases the contract is fully enforceable and binding when it is inherited. I would contact your attorney and discuss your options in further detail.
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If the contract was only between your company and her then when the woman died, the contract went with it (at least that is what 4 law classes have taught me). You might have a case if the woman who died had other people as owners of the property. I would definitely look into that. Good Luck!!!
a new contract will have to be signed. good luck.