28 Jul Best way to be bought out? (IL)
My husband, SIL and MIL are on a deed for grandma’s house. Grandma has passed and house is paid off. We are currently living at grandma’s while we rent out our current house and saving for a down payment on a new house in a different neighborhood.
Very long story short, MIL asked us to move out but she is not planning on selling. She owns another house that she lives in. We will be moving out a year early so our down payment is not what it needs to be. We’ve found a house and they’ve accepted our offer but we need to be bought out of Grandma’s house to have a full down payment of 20%.
MIL has the means to buy us out but we don’t want to ask for the full amount of husband’s third, just the amount for what we need for our down payment. MIL and SIL have agreed to sign whatever they need to sign to get this taken care of.
Our thought was that we get x amount now in cash for down payment and receive the remainder of husband’s third upon the sale of grandma’s house. Is this doable? How do we proceed? What’s the best way to do this?
We were talking about quit claim deed but I’m not sure if we can put a clause that will state to pay out the remainder of his share upon sale.
We do plan on talking to our real estate lawyer Monday morning. We have a 45 day close with closing date of Sept. 13th. Is this enough time to settle the buy out? What sort of taxes are involved (if any) in the amount we receive? I do also plan on talking with our tax lawyer tomorrow.