Children usually acquire an interest in real property only by inheritance.
Transferring title to real property to a child would actually complicate the title to the property and could result in legal costs down the road. A problem would arise if the property must be sold or if you decide to take the child's name "off" the property. At that time you will encounter legal difficulties.
Generally, if the property must be sold, a guardian would have to be appointed by a court to sell the property for the minor. Remember that the property will be considered the child's property. The guardian will need to obtain a licensefrom the court to sell the property. The court will require the appointment of a 'guardian ad litem' who would review the proposed sale and report back to the court whether it is in the best interest of the child. All those appointees would need to be paid for their services. There would be court costs and attorney's fees if you need to hire an attorney. After the sale, the court would require that the proceeds be placed in trust on behalf of the child until they reach the age of eighteen.
If nothing will be done with the property until the child becomes an adult, and it's a friendly conveyance (not one carried out to defraud or to purposely encumber the title), then there is no prohibition against it. However, if the conveyance is done to avoid creditors the court can void the conveyance and the creditors can seize the property.
There is one more factor to consider. Once the child becomes eighteen, they will become the legal owner able to manage the property on their own and the relationship may not be so friendly. They may refuse to convey the property back unless they receive compensation. Also, the property will become vulnerable to their creditors.
No. Laws vary from state to state. Generally, a deed from a minor would be considered invalid because a minor cannot make a contract. The minor could cancel the transfer when they came of age. The grantee would need a confirmatory deed from the minor after they reached the age of majority in their jurisdiction in order to clear the title.
A minor usually only acquires an interest in real property by inheritance. If the property must be sold the court must appoint a guardian for the child who can execute a deed on the child's behalf after they have obtained a license to sell from the court. The court will also appoint a guardian ad litem to review and evaluate the situation and report back to the court. If the sale is determined to be in the best interest of the minor the license will be issued and the proceeds will be placed in trust for the benefit of the minor.
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No. Laws vary from state to state. Generally, a deed from a minor would be considered invalid because a minor cannot make a contract. The minor could cancel the transfer when they came of age. The grantee would need a confirmatory deed from the minor after they reached the age of majority in their jurisdiction in order to clear the title.
A minor usually only acquires an interest in real property by inheritance. If the property must be sold the court must appoint a guardian for the child who can execute a deed on the child's behalf after they have obtained a license to sell from the court. The court will also appoint a guardian ad litem to review and evaluate the situation and report back to the court. If the sale is determined to be in the best interest of the minor the license will be issued and the proceeds will be placed in trust for the benefit of the minor.
See related question.
No. Laws vary from state to state. Generally, a deed from a minor would be considered invalid because a minor cannot make a contract. The minor could cancel the transfer when they came of age. The grantee would need a confirmatory deed from the minor after they reached the age of majority in their jurisdiction in order to clear the title.
A minor usually only acquires an interest in real property by inheritance. If the property must be sold the court must appoint a guardian for the child who can execute a deed on the child's behalf after they have obtained a license to sell from the court. The court will also appoint a guardian ad litem to review and evaluate the situation and report back to the court. If the sale is determined to be in the best interest of the minor the license will be issued and the proceeds will be placed in trust for the benefit of the minor.
See related question.
No. Laws vary from state to state. Generally, a deed from a minor would be considered invalid because a minor cannot make a contract. The minor could cancel the transfer when they came of age. The grantee would need a confirmatory deed from the minor after they reached the age of majority in their jurisdiction in order to clear the title.
A minor usually only acquires an interest in real property by inheritance. If the property must be sold the court must appoint a guardian for the child who can execute a deed on the child's behalf after they have obtained a license to sell from the court. The court will also appoint a guardian ad litem to review and evaluate the situation and report back to the court. If the sale is determined to be in the best interest of the minor the license will be issued and the proceeds will be placed in trust for the benefit of the minor.
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An unmarried father must establish his paternity and arrange for a custody hearing if he wants custody.
Generally, if the parents are unmarried the mother has sole custody and control in most states until the father can establish his paternity. Remember, a child's mother can always be identified by medical records. Since the father didn't give birth and he was not legally married at the time of the birth he must establish his paternity by signing the birth certificate at the time of birth (waiving DNA testing rights) which must be done with mother's consent. If he doesn't sign the birth certificate then he must seek another way to establish his paternity and that is done through a DNA test.
A paternity test can be arranged through the court. Once paternity has been established the father can request visitations, joint custody, full custody or the court will set up a schedule of regular child support payments for the child if she is to remain in the custody of her mother. The court will schedule a hearing and issue an order that is in the best interest of the child.
No. Laws vary from state to state. Generally, a deed from a minor would be considered invalid because a minor cannot make a contract. The minor could cancel the transfer when they came of age. The grantee would need a confirmatory deed from the minor after they reached the age of majority in their jurisdiction in order to clear the title.
A minor usually only acquires an interest in real property by inheritance. If the property must be sold the court must appoint a guardian for the child who can execute a deed on the child's behalf after they have obtained a license to sell from the court. The court will also appoint a guardian ad litem to review and evaluate the situation and report back to the court. If the sale is determined to be in the best interest of the minor the license will be issued and the proceeds will be placed in trust for the benefit of the minor.
See related question.
No. Property can be held in trust for a minor.
no
Anything younger than 18 is a minor. Until then they cannot contract or hold real property.
No, a minor can not. Someone would have to hold it in trust for the minor.
It might. If they hold title as joint tenants or by tenancy by the entirity, yes. If they hold title alone, no. Those properties held by person get transferred to the estate, and the estate must go through probate court.
In a condominium, you hold title to your unit and own real estate in common with all other owners. In a co-op, you own shares in a corporation and are assigned a unit to which you do not hold clear title.
Ownership of real estate is evidenced and accomplished by a deed. The person who transfers the property is called the grantor and the person who receives it is the grantee. In any deed, the grantee is the new owner. The owner of real estate is said to hold title to it.
A custodian is always a person; one who has charge of something (a caretaker) of a minor child's estate or an absentee landlord's property. The custodian does not hold title to the property. A trustee is often an institution such as a bank, that holds legal title to a property in order to administer it for a beneficiary, or can be a member of a board elected or appointed to direct the funds and policy of an institution. [source: this information reprinted from Answers.Com]
Title companies research the chain of title for the property before a home is bought. They make sure there are no liens, clouds on the title, or other encumbrances by doing a title examination. Basically they make sure the record title is A-OK. They can also perform the closing and can also hold deposit escrow money while the deal is pending.
It depends on how they hold title and the basis for the lien.It depends on how they hold title and the basis for the lien.It depends on how they hold title and the basis for the lien.It depends on how they hold title and the basis for the lien.
no, to hold a title you have to have a licence
the maximum estate in land
Yes. However, you must consult with an attorney who specializes in business and real estate law who can draft your agreement and prepare the necessary registration documents. Any entity that is to hold title to real property must be properly formed in order to avoid creating title defects on the real estate titles. Title defects are costly to cure.
Two brothers could feasibly hold the title of Baron simultaneously.