Stop in for a cup of coffee

I'd tell Colin's Dad to step up and be a Dad. Since he and your sister later got married and the kid lived with them under one roof, that piece of paper ain't crap. As most are written it isn't a promise to take him, it is he can go live if them if needed.
Besides that the with Colin being 14 the court and a whole lot of other people will have to sign off on it. Tell Greg not to let him in the house unless he is really considering taking him on. If he does and the court and social services already sees he is living there it will be really tempting for them to leave him there.
Well said..
We took in our niece for a while at about that age. Did paperwork as legal guardian. Just to get her in a different environment and change direction on some bad influences. Was totally open ended on our part to send her back to her parents. As long as father is living I can't imagine the agreement would be binding. If at all.