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Author Topic: Property involving Minor  (Read 452 times)

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Offline rtram

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Property involving Minor
« on: May 06, 2015, 09:16:15 PM »
Let's say, there is a property 'P' and it was purchased by a family (father and mother) on their minor son's name 'A' aged 3 years in 2001 with mother as guardian.
 

In 2004, both mother and father of 'A' has decided to sell the property to a buyer 'B1' for the benefit and welfare of their child.

 
Without having enough knowledge of minor property transaction, the sale was executed by both father and mother in 2004 without getting court permission to sell the property to Buyer  'B1'.

 
Now the buyer 'B1' who turned into a seller has decided to sell the property in 2015. This seller has found a buyer 'B2' and 'B2' is very much interested  in buying the property 'P'.

 
Now the minor kid 'A' is still a minor aged may be 16 or 17 years old in year 2015. The family (father, mother and the minor kid) all are still in agreement with the buyer 'B1' (also seller) on their sale transation executed in year 2004. So they are ready to sign the 'Consent Affidavit' now or any other documents required to make the sale a proper legal sale transation.

 
Query

  • How the buyer B2 can execute and close this transaction without waiting for another 1 or 2 years until the minor kid becomes a major?
  • What the seller 'B1' should do to ensure that there are no legal issues in selling the property 'P' to buyer 'B2'?
  • How this buyer 'B2' can complete the sale without any legal issues?
  • What he 'B2' needs to be aware of any future legal issues?
Thanks!

 

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