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| *Ostroff, Fair and Company>>>Renting & Real Estate |
Can I buy property in my child's name? |
I would like to buy(with cash) some mountain land but want to have my minor child as the owner. Is this legal? Or do I need to buy it in my name and Will it to them? If there is no contract involved, you can place title of real estate into a minor's name; however, that minor cannot then sell, mortgage, lease, etc. this property, without a legal guardianship being in place. Another problem would be insuring the place, unless it is land only. Source(s): real estate attorney - Oklahoma. minors cannot enter into contract, that;'s why they call them " minors"....... Simple answer is no. Asides from the fact that it is illegal for a minor to enter into a contract, making such a purchase in your childs name is considered Identity Theft, even though it's your child. You would have to buy it in your name then either sell it to your child upon adulthood or will it to your child naming a truted person to act as executor until your child turns 18. Its totally illegal. nobody under the age of 18 can enter into any type of contract,because it wouldn't be ''recognised'' in the ''eyes of the law'' You must write a will and put your daughter as sole inheriter of said land. Or/and when she turns 18 you can transfer the deed to her if you so desire.The best answer you could get is from a real estate lawyer,I suggest you call one in the area you wish to purchase said land and ask them over the phone, you should get an answer without any cost to you at all. Can you explain why you want to do this? |
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