Real Estate


Share

FREQUENTLY ASKED QUESTIONS:

Can a Minor Transfer an Interest in Real Property?

  Sometimes an interest in real estate is deeded to a minor child.  For example:  Grandmother deeds her residence to herself, her daughter, and the daughter's three minor children, X,Y,and Z as joint tenants with rights of survivorship.  Each party will then have a 20% undivided interest in the property.  

         Florida Statute 744.301 allows parents to be the natural guardians of their minor children and to collect and manage and dispose of interests in real estate that is distributed from an estate or trust if the value of that interest does not exceed $15,000.  However, this statute would not apply in the example above. 

         Normally, any title company,  bank, attorney or informed purchaser would require the court appointment of a guardian for the property of the underage children to sign a deed or mortgage on their behalf after obtaining court approval.   Without this precaution, good title would not be conveyed.  

         This would delay the transaction and increase the costs of the transaction. Therefore, it is better practice to create a trust to hold a minor's interest in real property and to act for the benefit of the minor in any such transaction. 


Law Office of Alice W. Weinstein assists clients in Miami, Sarasota, Tampa, and St. Petersburg, Florida and in Miami-Dade County, Sarasota County, Pinellas County, Hillsborough County, and Pascoe County.


© 2018 Law Office of Alice W. Weinstein | Disclaimer
7305 Bay Club Court, Tampa, FL 33607
| Phone: 305-898-7536

Special Needs Planning | Estate Planning | Probate | Guardianship | Real Estate |

Attorney Website Design by
Zola Creative