I am not sure I called the transfer/agreement the right thing. But what it does is let him live/use the property as long as he lives, but you actually own it. He can keep it mowed, plant trees, farm it, hunt, fish, whatever.

If he has the money from the purchase, AND can use it really anyway that he wants with but a few stipulations set upon it by you in a legal agreement, then I would think he has something else in mind....like transfer to a future generation. Be carefull.