Real Estate Law
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Who is the other party who will inherit? a sibling?
Has your father confirmed that he is leaving you have and the other person half of the property?
Will you be paying them for the property you be paying them for the property now or only after they inherit it?
Ok, then if father is agreeing to sell you a 50% interest in the property, then you just pay father 50% of the value of the property and then he gifts it to your sibling now if he wants sibling to have it. Then he would need to change his will to reflect that the remaining 50% that he owns will go to you solely when he passes.
If he didn't want to give sibling the money now, he can just put it into a bank account and make it "payable on death" (POD) to your sibling so sibling automatically becomes the owner when father passes.
So you just need a standard purchase contract for real estate to have father and you sign off on where he agrees to sell you 50% of the property now.
This is a link to a real estate purchase contract for vacant land: CO Real Estate Purchase Contract
Or for land with a home on it: CO Residential Contract
I like this site and use it myself when I need a form I don't have. They are professionally drafted and reasonably priced and you can preview them before purchasing.
Or this gives you the Right of First Refusal to purchase it later: ROFR Purchase Real Estate