Buying from In-laws

[Cory Morris]

My father in-law has not been living in his house (primary residence) for nearly a year. My wife and I approached him to discuss buying it from him since it is simply sitting. The question I have, is there a legal way to assume the mortgage since he has such a great rate? We would bring in compensation to make it worth it too him and he seems to be open to the idea as long as we can figure out a way to do it without too much penalty on his side. If we can avoid paying a "gift" tax that would be great! Thank you for your advise.