medium · National Real Estate Exam contracts
A buyer enters into a contract to purchase a parcel of land. Before closing, the buyer dies intestate.
Which of the following best describes the resulting situation?
- The earnest money is forfeited to the seller and the contract is cancelled.
- The seller may keep the land and the earnest money because the contract died with the buyer.
- The contract is voidable at the option of the seller's heirs.
- The buyer's heirs inherit the equitable title and the right to complete the purchase.
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