Purchasing Off Market from an Elderly Neighbor - Best Option

[Jim Doyle]

Hello, I've befriended a neighbor in my neighborhood over the last couple of years who is in there 90's and no longer has any family left and doesn't necessarily know what they'd like to do with there house when they're gone. I told him I'd love to purchase it and we've agreed verbally that it would be ok, however what would be the best option to put together a legal contract or something similar? Would a scenario like this be an opportunity for a subject to? The house is paid off, but I'd like to make sure we close a deal in a timely fashion. Any tips or advice would be greatly appreciated. 

[Jim Doyle]

Quote from @Kerry Noble Jr:

If theres no debt on it....I dont think it would be subject to.

you also stated "after theyre gone" right? so this will be after death and not while theyre living correct?

 The deal would be made while they're alive and can agree with whatever terms we come to. I'm trying to figure out the best approach to do that now while they're still here. I was told the best option would be for me to purchase the home and then let him pay rent or live there rent free until they pass.