Legal Question in Real Estate Law in Illinois

Two ways come readily to mind:

1. (and the cheapest, really) Place the land in a Land Trust.

2. If she has a will, you should be the beneficiaries of same.

GOOD LUCK!

You might also aka a "Land Sales Contract" aka "Contract for a Deed". You might find a form contract at an office supply store. You make payments similar to mortgage payments and when you have paid for the house it is yours.

There is a risk because the contract is with her and if she passes away before the sales price she has set is reached, you will have to contend with the estate. The estate is another term for your husband's siblings. If he is an only child you are "golden". Asking to be named in her will is an excellent idea. As always, keep a record of what you pay and when, under all circumstances.

A simple question with a not so simple answer. There are four or five ways to approach this that immediately come to mind as you have multiple issues here. How to handle the mortgage when the MIL dies, and how to make sure the house becomes yours upon her death. At this point you probably should have a land trust with yourselves named as successor beneficiaries and a land installment contract that is not to be recorded. Being named in a will would also be a good thing to do. Bottom line is see an attorney as there are ramnifications if thsi is not done properly.

1. If your husband is without siblings he would inherit the house when she dies even without a will.

2. She could give you a long term lease...

3. The real problem is the loan. Putting you on title somehow, directly or indirectly, may require the lender's consent or the loan could be "called" and that is a risk. Frankly, her death could call the loan and therefore simply continuing to pay the loan after her death may be a risk too. Then again, if you are paying the loan and let's say taxes, you'd want to claim them as deductions for your own taxes and while the property tax side is easy, getting the lender to change the annual 1098 for loan interest to you is not.So partly it's time to build good credit; for that it's never too late. And partly a time for your mother in law, if she's willing, to talk to her lender and see if you two can be added to title and the loan - or at least title -- then how you handle the tax breaks would be up to you. That's something you'd want to have some legal help with. If you can't use the tax breaks, then the arrangement could be for you to pay her rent and she pays the bills and gets the breaks.

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