If your brother is buying your half of the property then he has to get his own attorney. A new deed is drafted conveying the property from you to him but you retain a lien on the property. This way, your brother will own the property and he will be responsible for insuring it, paying the taxes and paying you. If he stops paying you or stops paying the taxes, the property can be foreclosed on. Otherwise, the property will stay in your name and you will be liable for the taxes and insurance. You would need an agreement where you charge your brother rent to cover taxes and insurance and something towards the purchase price - it would be a land sale installment contract. The agreement would provide that when the property is paid for then it will be conveyed into your brother's name. You would be well-advised that if you are going to do something sophisticated like this then you need a real estate attorney to draft it for you. Unless there is some reason why this cannot be in your brother's name now, then he needs to get a real estate attorney to draft the deed and you should get an attorney to do the owner-financing/lending docs so that the property can be conveyed now to your brother but you will have a valid deed of trust/lien on the property so that you can foreclose if he fails to make his payments.
Answered on May 08th, 2014 at 2:07 PM