My father owns a piece of land which he wishes to share between his two sons - me and my brother. I do not wish to own the land and would rather take my share of the money (in other words my brother can "buy me out"), My brother is fine with buying the property in his name. Here is the plan.
After evaluating the property's worth (say = V). My father writes a "conditional gift deed" gifting his property to my brother with the following conditions:
My father gets an amount ( = F)
From the rest ( = V - F) I get my share say 50%
My brother takes a Bank loan for F + 0.5 (V - F) and pays us both.
Question 1: Is this a reasonable approach ? Is there anything that I am missing out ?
Question 2: After the ownership is transferred to my brother and he decides to construct a multi-storied House, what If I decide to invest some amount in that building (without owning the land or the building) - with the idea that I get to live there, how would it pan out in the long run ? Any suggestions ?
P.S: This is a question from India, although it could be easily be a general question.