I've inherited a one-acre building site on the former family farm. I don't have use for it at the moment. I may have use for it after I retire. Can I draw up a written legal agreement with my brother that he buys it on the condition that I would have the option to buy it back if I choose to build on it after I retire? Would the written legal agreement need to be witnessed? Would the witness need to be a solicitor?
What if your broither has built on it or sold the site by the time you want to buy it back?
Is it possible to constrain him from doing so by means of a legal agreement?
You want to retain the benefit of the property, but want your brother to mind it in the meantime, and pay you for the privilege?
if you think you might want it, keep it. If not, sell it.
Anyone can draw up an agreement on anything. That's easy. The problems only arise when one side has a different interpretation of what was agreed (or decide they don't want to stick to what was agreed). How much experience do you have writing legally air-tight contracts? Are you happy you're going to cover every potential scenario, every legal argument, ensure you're not trying to enforce something that's not legally permissible?
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You absolutely need a solicitor for this. Do not even think of doing it on your own. Your brother also needs a solicitor. A different one.
One option would be to lease the land to the brother. 11 month leases are usual for such matters. However, there may be implications for repeatedly renewing such a lease, so speaking to your own, separate solicitors is very important.
It is against the law to prevent the alienation of land. You would be better to enter into a conacre agreement with your brother. He farms the land each year and pays you an agreed sum for that. It is madness to try and sell with an option to buy back.