My wife an I are in the market for a new house in Illinois, My father in law has agreed to buy a house that we want with cash. After our current home sells we will take our own mortgage to repay the F-I-L. We have been approved for the new loan but the F-I-L doesn't want us tied to both mortgages incase our current home does not sell.
So initially he would purchase the house with cash and title it in his name, after our home sells we would buy from him for what he has in the house, (Initial cost and his closing cost) We have had an inspection and an appraisal done on the home, and the bank says there will be no issues. Can anyone see any issues on a legal side?
Thanks
