I hope he registered it for a number of years and just forgot, rather than is renewing it each year and you are basically working for him without knowing it and he could sell it to somebody else at any time.
You may control the DNS now, but its a lot easier for him to take that back than it is for you to get ownership of the domain transferred.
If you have a purchase agreement, you could pursue a legal route of course.
Anyway, good luck. I certainly wouldn't want a headache like that on a site that was worth money. Hope you get it resolved.
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