The Next Generation of Property Owners: Minors in the Indian Real Estate Market!

A minor, in India, is a person who is under the age of 18 years. According to the law, minors cannot enter into contracts, including property transactions. Therefore, a minor cannot buy property in their own name. However, a minor can own property if it is gifted to them or inherited from a deceased relative. In these cases, the property will be managed by the minor’s guardian until they reach the age of 18.

The guardian of a minor is responsible for protecting the minor’s interests and managing their property in their best interests. The guardian can sell or mortgage the property, but they must obtain the permission of the court before doing so. The court will only grant permission if it is in the best interests of the minor.

If a minor inherits property, they will become the legal owner of the property when they reach the age of 18. However, the guardian can continue to manage the property until the minor is ready to take over.

It is important to note that minors cannot enter into contracts on their own behalf. Therefore, if a minor signs a contract for the purchase of property, the contract will be void. The minor will not be legally bound by the contract and the other party to the contract will not be able to enforce it.

If you are considering buying property in the name of a minor, it is important to consult with an attorney to ensure that you are complying with the law.

Disclaimer: The views expressed above are for informational purposes only based on industry reports and related news stories. PropertyPistol does not guarantee the accuracy, completeness, or reliability of the information and shall not be held responsible for any action taken based on the published information.