Is this legal contract enforceable in the state of South Carolina and does it look correct?

Equity and Living Agreement

This Agreement is made and entered into on this [Date] by and between [Your Full Name] ("Tenant/Co-Owner"), [Wife's Full Name] ("Co-Owner"), and [Husband's Full Name] ("Responsible Party").

Recitals:

WHEREAS, [Wife's Full Name] and [Husband's Full Name] are purchasing a property located at [Property Address] ("the Property");

WHEREAS, [Your Full Name] wishes to build equity and live in the Property under specific terms and conditions;

NOW, THEREFORE, in consideration of the mutual covenants and promises herein contained, the parties hereto agree as follows:

1. Ownership and Equity:

1.1 [Your Full Name] shall be listed as a co-owner of the Property on the deed, holding a 50% ownership interest on paper.

1.2 [Your Full Name] shall have the right to use the equity accrued in the Property solely for the purpose of purchasing another house. The equity usage shall be calculated based on the market value of the Property at the time of sale or refinancing, minus any outstanding mortgage balance and associated costs.

1.3 Any decision to sell, refinance, or otherwise encumber the Property shall require the written consent of all co-owners, including [Your Full Name].

2. Financial Responsibilities:

2.1 [Your Full Name] shall not be responsible for any mortgage payments, property taxes, insurance, maintenance, or any other costs associated with the Property.

2.2 [Husband's Full Name] shall assume full responsibility for all mortgage payments, property taxes, insurance, maintenance, and any other costs associated with the Property.

2.3 [Husband's Full Name] and [Wife's Full Name] shall indemnify and hold [Your Full Name] harmless from any and all liabilities, claims, and expenses arising from the ownership and maintenance of the Property.

2.4 [Husband's Full Name] and [Wife's Full Name] shall provide [Your Full Name] with written notification and documentation of any payments made towards the mortgage, property taxes, insurance, maintenance, and any other costs associated with the Property within 10 business days of such payments being made.

3. Rent and Living Arrangements:

3.1 [Your Full Name] shall have the right to reside in the Property and shall pay a monthly rent of $350 to [Husband's Full Name] and [Wife's Full Name].

3.2 The rent amount shall cover the cost of utilities and other living expenses unless otherwise specified in a separate written agreement.

3.3 [Your Full Name] shall have the right to quiet enjoyment of the Property and shall not be subject to unreasonable interference from [Husband's Full Name] and [Wife's Full Name].

4. Exit and Transfer of Responsibility:

4.1 [Your Full Name] shall have the right to exit the loan agreement at any time, provided that [Husband's Full Name] agrees to assume all responsibilities and liabilities associated with the loan.

4.2 Upon [Your Full Name]'s exit from the loan agreement, [Husband's Full Name] and [Wife's Full Name] shall take all necessary steps to remove [Your Full Name] from the mortgage and deed, and [Husband's Full Name] shall assume full ownership and responsibility for the Property.

4.3 The process of removing [Your Full Name] from the mortgage and deed shall be completed within 60 days of the exit notice, and all associated costs shall be borne by [Husband's Full Name] and [Wife's Full Name].

5. Miscellaneous:

5.1 This Agreement constitutes the entire agreement between the parties and supersedes all prior agreements, understandings, and negotiations, whether written or oral, relating to the subject matter hereof.

5.2 Any amendments or modifications to this Agreement must be in writing and signed by all parties.

5.3 This Agreement shall be governed by and construed in accordance with the laws of the State of South Carolina.

5.4 In the event of any dispute arising out of or relating to this Agreement, the parties agree to first attempt to resolve the dispute through mediation. If mediation fails, the dispute shall be resolved through binding arbitration in accordance with the rules of the American Arbitration Association.

5.5 If any provision of this Agreement is found to be invalid or unenforceable, the remaining provisions shall continue in full force and effect.

5.6 Each party acknowledges that they have had the opportunity to seek independent legal advice prior to entering into this Agreement.

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year first above written.

[Your Full Name]
Tenant/Co-Owner

[Wife's Full Name]
Co-Owner

[Husband's Full Name]
Responsible Party