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.