Legal Question in Real Estate Law in Illinois

Re: helping mom in law

this is legal, however, you need to think the whole thing through.

m-i-l has a good chance of entering into a nursing home at some time in the the future (actually greater than death in any given year). The state would look to any resources that m-i-l has before it will pay for nursing home care. So it would look to sell the condo and use those funds for nursing home care.

since your transaction is not a normal transaction it would be reviewed very closely and might be disregarded. You might end up with a lien on an asset that no longer exists.

obviously if m-i-l stays healthy this will not be an issue.

forms you need are mortgage and note.

you might consider buying it outright and leasing it back to her (need deed and lease)

our you could buy it outright, put in a land trust and do an articles of agreement for deed, with a long term period. (need trust agreement, deedinto trust articles of agreement for deed)

Re: helping mom in law

I have read the other response and I have one more suggestion. Buy it out right, give your MIL a life estate in the property subjhect to her maintaining the property and all utilities. You would need a deed and an agreement.