These days when it is difficult to get a loan to purchase a home, financial agreements between families can be really helpful. It is essential to consult with lawyers to ensure such agreements are legally binding and fair so that there can be no squabbling over it.
Having a verbal agreement is not wise, as one party can change their mind or mistake the meaning of the agreement and it can cause a big split in the family that even family lawyers may find difficult to work through.
Money is usually the number one problem in most relationships, often because one person wants to spend it and the other person doesn’t. So when it comes to hundreds of thousands of dollars any disagreement is likely to have far-reaching effects. In fact, it is far better not to have such an agreement in the first place if it is likely to split the family.