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What will happen to the private condominium if both have husband and wife died in an accident without a Will, and the condo is still on outstanding loan say $760k? What will happen to their children below 21 or adult children living together? Will the children be kick out of the condo and the bank takes back the property due to outstanding loan? Who will sell it and who will keep the proceed?

Thanks alot for all your valuable advice.
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1 Answer

Mike Lim
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Afternoon,

When you signed up for mortgage loan, it's common that the bankers would ask both of you to be insured. If both of you are, the insurance will settle the outstanding with the banks. Your child, above age of 21, can apply for grant of probate, to take over possession of your unit as owner. However, this is provided there's no contest on this application. Process will be slightly lengthy but it can be done.
However, if both of you are not insured, the banks reserves their rights to force sales your unit, recover the outstanding loan and legal/admin cost, before handing th balance proceed, if any, to your children. Grant of probate will also be required by your child as no WILL have being prepared.

FYI
Mike Lim
 96929209 
m52i@yahoo.com
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