4 homes are located on a shared driveway easement which needs paving. 3 of the owners are willing to pay but the 4th owner doesnt have $...One of the neighbor's has offered to pay for the the 4th neighbor's share (interest-free) in return for that neighbor giving the paying neighbor permission (a license) to park in her parking spot. This sounds like valid consideration to me. However, the paying neighbor would like the contract, which will be recorded with the county recorder's office, to state that in the event the non-paying owner's title is transferred, the paying owner would be entitled to a refund for the amount paid for the driveway as part of escrow conditions & the parking license would terminate.
Can anyone give me ideas how to draft a contract that would be legally binding?
