Things to Know about Minor’s Property Transactions
If a minor owns a piece of property, it does not mean that his or her elders can sell or mortgage the property without his or her consent. If the property is owned by a minor, only he or she will have the sole right to decide what is to be done with the property. They can obviously take advice from their adults but their signatures will be mandatory for transaction of property. In some cases, guardians who are in charge of the minor have right to take decisions related to minor’s property. However, in most of the cases, a form of consent for minor’s property transactions has to be signed by the minor.
The format of this consent form is very simple and requires a very few details. The name of the minor whose property is involved in the transaction has to be mentioned in the form. Also whether he will act as a buyer or seller along with the name of the property has to be mentioned in the form. Name of the parents or guardian is also needed to be filled in the form along with the court, city, state and country they belong to. For the transaction of minor’s property, the consent form will require the signatures of two witnesses as well. Moreover, court’s permission is always mandatory to initiate minor’s property transactions. All these steps are taken to ensure that minor is not forced to sell or a buy a property and no malpractices are involved.
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