What is your question? Can he do this? Yes. Is it a good idea? Not necessarily. There are a number of tax, estate and control issues that need to be dealt with before your father should consider this. Also your brother will have a say in the matter and that also depends on how that deed is held. You need to have your father (and probably brother) visit with an estate planning attorney to go over the options as there are too many issues and pitfalls to list.
This is not legal advice nor intended to create an attorney-client relationship. The information provided here is informational in nature only. This attorney may not be licensed in the jurisdiction which you have a question about so the answer could be only general in nature. Visit Steve Zelinger's website: http://www.stevenzelinger.com/
I agree with Steven. This is not the time for do-it-yourself legal work. Your brother will have to sign the new deed, but the BIGGEST issue is the tax issue. For example: If your father died as the sole owner of the real property, when you and your siblings inherit it there are NO federal inheritance taxes so long as the estate is worth less than 2 million. If he gifts it to you while he is alive, down the road when you & your siblings sell it the Feds will get HUGE capital gains taxes.
I agree with both counsel and would simply add that in addition to the tax issue and capital gains basis, if your father ever goes into long term, the transfer could be held against him as it is a gift! Seek the counsel of a qualified estate/elder law attorney!