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 @Marc Rice:

Subject to only works if there's an existing mortgage. You're thinking of a seller financing but the issue is if he/she passes away then the notes will get transferred to his/her heirs or trust and get caught up in probate court if he/she doesn't have a clear will. It may be better to work an outright purchase out or you buy it off him/her and then rent it back to them. It really depends on how long the person has left and if they're ok with acting as a bank to seller finance.

 Thanks Marc, I can look into that