Agreement between father and son for buying joint property

Self occupied

My father wishes to dispose of his property to buy a new one. I intend to partner with him by adding my contribution and taking a small loan to buy a bigger property. However, he is concerned that after few years if things turn sore between us then how would we share the property and whether I will demand my share in the property or ask him to leave. 

Following are details of proposed investment: 

Father's contribution: 80%. My contribution: 10 % Bank loan taken by me: 10%

My question is, is there any legally binding agreement that we can get into whereby his interests are safe guarded in case there is a dispute between us? Basically, I am ok to enter into a legal agreement with him where I sign off on something that says that in case of a dispute I will not ask for my share in the property nor will I ask him to leave the premises for his life. I also need assurance that I would be inheriting this property so that there is no family dispute with my brother in future as my brother has already been given another property by my father which he is occupying.

Please tell me if we can execute any legal agreement to this effect so he feels safe to do this? Thanks.   

 

 
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Advocate

Everything is ok.Any way consult a lawyer in drafting the deed.


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Self occupied

Thanks for your reply sir. What are the kind of things we should capture in the agreement? Like can we mention the above things I asked in such a way that it is legally binding on both parties (me and my father)? 

 
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yes you can make your self the points what all you want to incorporate and it is the will and wish of your father before signing the agreement has to verify each and every point and make sure that a two witness who are not blood related are signed in presence and make sure to consult your lawyer for his suggestions also 


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Yes you can make an agreement this way provided your father consents to this.  However, you may convince him that he will be having life time benefits over the property and subsequently it will devolve on you.  An agreement which is called a family arrangement/settlement may be drafted precisely with proper wordings to ensure that nobody is deprived of any privilege.  If need be, you may take the assistance of a lawyer, but please get it registered so that it is legally valid at any time.

 
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