As a child, you probably never thought about owning real estate. You grew up in rented homes, and perhaps never imagined that one day you would own a house.
As an adult, however, things change. In order to live independently, you will need to purchase a home of your own. This means that if you are not married or have no trust fund set up for you as a child, then as an adult you will need to save money and invest in real estate as soon as possible. You can Know more about the Property Registration Online Process.
However, when you are a minor (meaning that you have not reached the age of majority), there are certain laws and regulations that make buying property more challenging than it might be for an adult.
With these challenges in mind, this article explains exactly what being a minor means when it comes to property ownership – and how you can go about registration of land as a minor in India.
What does being a minor mean?
Being a minor is the state of being below the age of majority. The age of majority varies from country to country, state to state, and even city to city.
And while in some jurisdictions minors are allowed to make limited contracts, in others they are not permitted to do so at all. By most Indian laws, a minor is someone who has not reached the age of 18 (or 21 if the person is a student).
Although the primary reason for treating minors differently is to protect them from themselves, minors are also denied certain rights and privileges. For example, minors are generally not allowed to vote, enter into legally binding contracts, or drink or smoke.
A minor has different rights and obligations compared to an adult. Therefore, when you are a minor, you cannot register property in your own name. And while you can get help from your parents to buy a house, they cannot be your co-owners.
How to register property as a minor?
When you buy a house as a minor, you can choose from one of the following three options to register the property: –
- You can register the property in the name of a trustee.
- You can get your parents to buy the property in your name.
- You can get your parents to buy the property in their name, and then transfer it to you when you turn 18 years old.
Minors can also make a property registration or registration of land. However, this process is only available to minors who are full-time students or possess a disability.
In addition, these individuals must be at least 16 years old and have a parent or guardian sign the declaration. One of the most important aspects of a property registration is that it documents ownership. This will help you when you need to prove your ownership in case of an emergency situation. It can also be used to establish residency and avoid any confusion with tax deadlines or real estate sales taxes.
Conclusion:-
Another important difference between property registration for minors and adults is that children under 18 cannot sell or transfer ownership of their property.
They can only add additional names to the deed. So, if they want to sell their house, they must first give their parents the required amount of time to make the changes on their behalf.
Read more,
- Guide to Generate Property Registration Detail in India
- 5 Tips to Register Your Property
- Disclaimer of Fair Use
