Is it possible to purchase a house from a minor's settlement and how can it being done? 20 Answers as of September 05, 2012

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Horn & Johnsen SC
Horn & Johnsen SC | Dera L. Johnsen-Tracy
You would purchase the real estate in the same manner as you would from a private party, except that the seller would be either the trustee of the minor's trust (if applicable), or the minor's guardian or custodian, depending on the circumstances. Typically, the property must be purchased at fair market value and a court order authorizing the sale is often required. You may wish to consult with a real estate attorney regarding your options.
Answer Applies to: Wisconsin
Replied: 9/5/2012
Martinson & Beason, PC
Martinson & Beason, PC | Douglas C Martinson II
To purchase a home from a minor's money, you would need to get court approval. You may have a Conservatorship for the minor as a minor cannot own property in their name.
Answer Applies to: Alabama
Replied: 9/5/2012
Law Office of William L Spern | William Spern
Yes. The money should be put in a specific trust for the sole benefit of the minor. Then the trust can by the house and be listed as the owner. The Money will then go to the minor when the house is sold. However, at 18, the minor can insist of the money and force a sale of the house to recover the amount of the loan. Any loan of the money must contain an interest charge to preserve the minors money.
Answer Applies to: Michigan
Replied: 9/4/2012
Hamblin Law Office | Sally Hamblin
A minor cannot enter into a contract. Generally, it would be held in trust. The named trustee for the minor or whoever oversees the settlement for the minor.
Answer Applies to: Michigan
Replied: 9/4/2012
Frederick & Frederick PLC | James P Frederick
My guess is that this would only be possible with the approval of the probate court. It would depend on the way that the settlement is structured, I would imagine, but usually, anything involving minors is handled through the probate court.
Answer Applies to: Michigan
Replied: 9/4/2012
    Law offices of Ron Webster | Ronald S. Webster
    If a guardianship is first established for the minor child and title is placed in the name of the guardianship there should not be a problem.
    Answer Applies to: Florida
    Replied: 8/29/2012
    Law Offices of Matthew M. Friedrich, PLLC | Matthew M. Friedrich
    I believe it would be possible, depending on the specific circumstances, but you will likely need court approval since the case involves a minor.
    Answer Applies to: Michigan
    Replied: 8/29/2012
    Danville Law Group | Scott Jordan
    In most cases, you would need to get the approval of the Judge. Consult with the attorney who represented the minor.
    Answer Applies to: California
    Replied: 8/29/2012
    Charles M. Schiff, Attorney at Law
    Charles M. Schiff, Attorney at Law | Charles M. Schiff
    You would only be able to do this legally with the court's approval. You need to bring a motion before the court asking for authority to use the minor settlement in this manner.
    Answer Applies to: Minnesota
    Replied: 8/29/2012
    Mike Yeksavich | Mike Yeksavich
    With court approval
    Answer Applies to: Oklahoma
    Replied: 8/29/2012
    Sebby Law Office
    Sebby Law Office | Jayne Sebby
    Often settlements are held in trust until the minor reaches the age of majority unless the minor needs the funds for medical or educational purposes. And a minor, unless emancipated, wouldn't be able to sign the contract for the house purchase. If the house is specifically being bought to accomodate the minor (say for a physical or medical problem), you could probably get permission to use the settlement. However, if you just want to use the settlement to buy yourself a house, that's not permissible.
    Answer Applies to: Nebraska
    Replied: 8/29/2012
    Leonard A. Kaanta, P.C. | Leonard A. Kaanta
    It is posible to buy a house, but the child is the owner of the house.
    Answer Applies to: Michigan
    Replied: 8/29/2012
    THE BROOME LAW FIRM, LLC
    THE BROOME LAW FIRM, LLC | Barry D. Broome
    Usually where real estate is held in trust for a minor you must look to the authority given to the Trustee. The authority is contained in the trust document. Under most circumstances, the property can be sold. The selling price must be at fair market value. If the property is so unique that a true fair market value cannot be obtained then it should not be sold but rather held for the minor.
    Answer Applies to: Georgia
    Replied: 8/29/2012
    Victor Varga | Victor Varga
    Need more info but by what authority do you have to spend the minor's money? Is it being held in trust (it should be)? If so, you need to read the terms of the trust agreement to see what you (if you are the trustee) are permitted to spend the money on. If the house is for you, then no.
    Answer Applies to: Maryland
    Replied: 8/29/2012
    Law Office Of Victor Waid
    Law Office Of Victor Waid | Victor Waid
    Yes, but only with approval of the court, by petition based upon a declaration. Your attorney who represented the minor in the settlement proceedings should know how to proceed on this type of matter.
    Answer Applies to: California
    Replied: 8/29/2012
    The Law Offices of Laurie E. Ohall, P.A.
    The Law Offices of Laurie E. Ohall, P.A. | Laurie E. Ohall
    In Florida, if a minor child receives a settlement over $15,000, then a guardianship must be set up. So, I'm assuming there is a guardianship in place. If that is the case, you will need to request permission from the court to make such a purchase. If you have a guardianship, then you have an attorney (because in Florida, guardians are required to have an attorney), so you should speak to your attorney about filing a petition for approval to act. Remember, too, that any assets you purchase belong to the child and the court will take that into account.
    Answer Applies to: Florida
    Replied: 8/29/2012
    O'Keefe Legal Services, L.L.C.
    O'Keefe Legal Services, L.L.C. | Sean P. O'Keefe
    In Maryland, probably, and it would likely need to be done for the minor child through the child's legal guardian.
    Answer Applies to: Maryland
    Replied: 8/29/2012
    Law Offices of Gerald A. Bagazinski
    Law Offices of Gerald A. Bagazinski | Gerald A. Bagazinski
    It is possible. You would need to petition the probate court with the details. I would recommend a consultation with a probate attorney.
    Answer Applies to: Michigan
    Replied: 8/29/2012
    Goldsmith & Guymon
    Goldsmith & Guymon | Dara Goldsmith
    It is unlikely, as it would need to be reviewed and approved by the guardianship court and determined to be in the minor child's best interest. If all other persons living there paid reasonable rent to the minor Ward the court might approve it, but if the minor Ward has parents it is unlikely, as the parents have a responsibility to provide a home for a child. You really need to address this with an attorney.
    Answer Applies to: Nevada
    Replied: 8/29/2012
    Gates' Law, PLLC | Thomas E. Gates
    Generally, a minor's settlement is placed into a blocked account and requires the court's approval for any expenditures. If you can convince the court that the house is necessary for the well being of the minor then, you will be permitted to make such purchase.
    Answer Applies to: Washington
    Replied: 8/29/2012
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