Newbie Help Needed - Structuring Agreement on Property

[Nadia P.]

Hi all,

  I need some help trying to put together an agreement on a property that should've been put in place years ago.

A and B are brothers with a fantastic relationship. Person A fronted $15K for the initial down payment of a $300K property and essentially purchased the property for Person B in 2008. The loan on the property is under Person B.  For years this property was a rental.  Person B has been collecting all the rent and paying for any maintenance required as well as making the loan payments.  When things got messy with a tenant a few years ago, Person A fronted lawyers fees to evict the tenant and handled court appearances.  Recently Person B spent $22K on maintenance (paint, carpet etc) and converted the property into a primary residence for himself and his family.  Introduce Person C. Person C is married to Person B.  Person C wants to pay the property off entirely and has the capital to do so, however realizes that an agreement needs to be put in place.

What's the best way to structure this agreement? Should profits be split 50/50?  Is it best to buy out Person A in case Person B and his family reside there forever?  Whose name(s) belongs on the title/deed?  

Thank you in advance!

Nadia     

[Nadia P.]

@Mindy Jensen I couldn't agree with you more Mindy! The relationship is far more important then the money.  I really appreciate all your insight on this. Thanks again!