Legal Question in Real Estate Law in Illinois

Buying a home from parents

My husband and I have lived in our home for 8 years. The home is owned by my inlaws. We want to ''purchase'' the home from them to make improvements to the property, and debt consolidation. I know they will sell it to us for less than market value. My husband is their only child. What are the risks and problems involved in doing this? My father in law is hesitant because of possible repercussions on him and his taxes, etc. I want to provide him the information he needs to make this decision. do we need a realtor? Lawyer? Please give me an idea what the procedure is to do this, and where to start. Thanks


Asked on 10/02/07, 10:31 am

2 Answers from Attorneys
Thomas Moens Moens Law Offices, Chartered

Re: Buying a home from parents

You should certainly talk to an attorney and CPA. It would be impossible to give specific advice regarding taxes on a forum such this. There really is no need to hire a real estate agent or Realtor, since the buyer and seller have already "found" each other.

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Answered on 10/02/07, 2:23 pm
Mary McDonagh McDonagh-Faherty Law Offices

Re: Buying a home from parents

Your father in law should check with his accountant regarding tax issues and you should always have an attorney draw up the legal paperwork for you including title issues.

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Answered on 10/02/07, 3:32 pm


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