Seller and Buyer execute an agreement for the sale of real property on September 1, 1971. The jurisdiction in which the property is located recognizes the principle of equitable conversion and has no statute pertinent to this problem."Assume for this question only that Seller dies before closing and his will leaves his personal property to Perry and his real property to Rose. 60 There being no breach of the agreement by either party, which of the following is correct?
Death, an eventuality for which the parties could have provided, terminates the agreement if they did not so provide.  Rose is entitled to the proceeds of the sale when it closes, because the doctrine of equitable conversion does not apply to these circumstances.  Perry is entitled to the proceeds of the sale when it closes. Title was rendered unmarketable by Seller's death