Neighbor wants to give me his home. How do I do this???

[Al Mcbee]

Hello BP, my neighbor is an elderly man with cancer, and we have become good friends over the years. He came to me just yesterday and told me that he wants me to have his home after his passing, but he wants to continue to live in it until that day comes.

He says he wants to put the home under contract, give him a down pymt ?

He tells me that he doesn't want to move from the home and doesn't want it to go to anyone else, even his kids that don't like him for some reasons that he doesn't talk about.

What would be the best way to make this happen?

[Wayne Brooks]

Find a local RE attorney, and tell him you 're buying (for $100)  the property, and the current owner gets a Life Estate.  He'll handle the pier work, contract, deed, etc.  get a title search/insurance to CYA, and make sure there are no liens, mortgages, judgments,etc.