Posted by JohnBoy on May 02, 2005 at 12:27:59:
Not true. A minor can own real estate. Entering into a legal contract has nothing to do with actually owning the property. A minor can’t enter into a purchase contract. Can’t obtain a mortgage. But they can own the property. I can deed my property to my minor children if I wanted to and it is legal. They just can’t enter into a legal contract. Owning something in your name is not the same thing as entering into a legal contract.
minor own real estate - Posted by LA Best
Posted by LA Best on April 30, 2005 at 18:15:04:
Can a minor child own real estate or have title in its name individually?
Re: minor own real estate - Posted by John Merchant
Posted by John Merchant on May 01, 2005 at 14:53:03:
Sure and it happens all the time when parents die suddenly, leaving the RE to the kids.
So anybody, anywhere, any age can own RE.
Problem comes when selling though, if a minor tries to sell that RE which he owns. Then, no wise buyer or his title co. would accept the deed of the minor alone.
The minor would have to have a guardian of the property appointed by a local court, who would then supervise the deal, making sure it was a good deal for the minor, and the minor isn’t being taken advantage of, and then making sure the sales proceeds went into a court controlled account until the minor attained the age of majority.
Re: minor own real estate - Posted by Brad
Posted by Brad on May 01, 2005 at 10:50:46:
Disclaimer: I’m not an Attorney but I say this from experience
Children aren’t allowed to own real estate. They “don’t have capacity”, legalize for ability, of entering contracts until their 18th birthday. I know this because I wanted to start investing before I turned 18 and wasn’t allowed to do so. Hope this helps.