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minor's rights to real estate?

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psychous

Guest
What is the name of your state? IN

What rights would a minor have to an estate- for instance, could they purchase land, a house, etc, and have full rights? I'm not quite sure how to word it... Would a parent/guardian have to undersign the contract for them, like with a debit or checking account for minors? Or could they own land only in principle, but in no way with legal authority over it? Also, in this case under what age IS "minor" used?

Thanks!
~Michael
 


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hexeliebe

Guest
If you're going to keep posting questions all over this forum you're not going to get any answers. Keep all of your questions in one spot.
Oh, and by the way, we aren't here to do your homework for you.
 
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psychous

Guest
hexeliebe-

Those are my only two questions, posted in what I thought were the appropriate places... I haven't been able to find specific answers with my own research, so thank you for your help and I apologize if you think I was in any way abusing the forum.

~Michael
 

Souix

Senior Member
Re: hexeliebe-

psychous said:
Those are my only two questions, posted in what I thought were the appropriate places... I haven't been able to find specific answers with my own research, so thank you for your help and I apologize if you think I was in any way abusing the forum.

~Michael

***Minors cannot own real property or purchase it. A minor in most states would be under the age of 18 but it may be different in your part of the world.***
 

JETX

Senior Member
A minor in Indiana is under 18 years of age.

A minor can enter into a contract to purchase land, cars, houses, airplanes, etc. However, since a minor has the legal right to rescind a contract, any 'seller' would be a fool to sell to you.
 

Souix

Senior Member
JETX said:
A minor in Indiana is under 18 years of age.

A minor can enter into a contract to purchase land, cars, houses, airplanes, etc. However, since a minor has the legal right to rescind a contract, any 'seller' would be a fool to sell to you.

***Is this just in Indiana? Because I had a transaction where the buyer was 17 and he could not sign the purchase and sales agreement or sign the escrow and loan docs until his 18th birthday.***
 

JETX

Senior Member
***Is this just in Indiana? Because I had a transaction where the buyer was 17 and he could not sign the purchase and sales agreement or sign the escrow and loan docs until his 18th birthday.***
*** That was the seller and escrow agents requirements, not a statutory one. As I noted, a seller (or agent) would be a fool to enter into a contract with a minor.... but it can be done.
 

Souix

Senior Member
JETX said:
***Is this just in Indiana? Because I had a transaction where the buyer was 17 and he could not sign the purchase and sales agreement or sign the escrow and loan docs until his 18th birthday.***
*** That was the seller and escrow agents requirements, not a statutory one. As I noted, a seller (or agent) would be a fool to enter into a contract with a minor.... but it can be done.


***It was actually the lender and our Real Estate Commissioner that told me minors cannot enter into contracts. So we had to wait 30 days for him to turn 18.

Writer, I just did a search and got further clarification on this subject. Apparently a minor can enter into a contract but they can also cancel the contract they have entered into without penalty, so that is why JETX is saying any seller would be stupid to enter into a contract with a minor***
 
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HomeGuru

Senior Member
Re: Re: hexeliebe-

Souix said:
***Minors cannot own real property or purchase it. A minor in most states would be under the age of 18 but it may be different in your part of the world.***
**A: A minor can indeed own real property.
 

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