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UI am seeking advice regarding a recovery of funds for my father and brother-in-law. Two years ago, they invested a significant sum into a construction partnership. Due to joining mid-project, no formal paperwork was executed between them and the primary partner (a family friend), though the friend holds the official land contracts.
The project is now complete and generating rental income. However, the partner is reneging on the partnership terms and refuses to share profits. He has agreed to return the principal investment but insists on a one-year repayment timeline. He has offered his personal residence as collateral.
What is the most cost-effective legal instrument (minimal stamp duty/registration fees) to secure this debt against his property? We need a document that provides strong leverage if he defaults on the one-year timeline without the high costs of a standard mortgage.
Note: Used gemini to rephrase
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