Legal Question in Real Estate Law in Illinois

You can take over the mortgage with permission of the mortgage holder. If you have taken over the mortgage it would show up on your credit report - everything from credit card bills on up will will show up and a mortgage is a heavy hitter.

I would advise a "Contract for a Deed". You sign a contract with 'them' and you pay them - they pay the mortgage company. At the end of the contract period you have purchased the house and they give you the Deed, Title, etc. It functions as assuming the mortgage, it does not show up on a credit report, and does not need permission of the lender.

HOWEVER, YOU need to watch your borrowing. Just because things do not show up on the credit report does not mean you can't get in over your head. The borrowing limits are there as a protection and caution to the borrower as to the lender.

If/When 'they' pass on the contract becomes void and if there are other beneficiaries to a will or heirs to the estate, they have rights. With a "Contract for a Deed" you do not build up any equity unless the contract is fulfilled. If you or your partner stand to take from the estate then you would (usually) only have to buy out the other heirs. (An heir is someone who takes when there is no will. A legatee is someone who takes under a will.)

Property is usually not conveyed by a a bill of sale - usually the document is a Deed. If they want to convey the property to you for $10, that is their business. Of course, there is what is owed on the mortgage.

If you and your partner are not married you could wind up paying for a house and not being able to live in it it you split. There are no automatic rights outside marriage.

Seeing an attorney in person would be a good investment.