Legal Question in Real Estate Law in Illinois
My husband and I purchased a house from my parents. We obtained a loan, signed the contracts and the mortgage is in me and my husbands name only. My parents ended up staying with us in the home and had us sign a life estate deed they can stay there until they die and that we cannot sell without their permission. Is this deed valid because they are not the homeowners or do they have the legal right to live there?
2 Answers from Attorneys
Depends on the content of the deed. Did you have an attorney draft it? If the deed validly conveyed a life estate to your parents, they can stay there until the last of them die, or they sign a quit claim deed back to you.
I agree with Tom, without looking at the deed, no one can say whether it is valid. However, the concept is accurate, if properly drafted and all technicalities followed, it would be enforceable.
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