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Venkat Narayanan (AM - Finance)     16 November 2009

Property rights Inherited from Parents on Minor

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I am buying a property from power holder, which was earlier acquired from individual who has Minor son?

1. Total extend of the property 1 Ground
2. It is not ancestral property. Bought by an deceased individual, who inherited to his wife and his Child (who is a minor)
3. Property was sold by mother to the Builder and the proceeds belongs the minor child got deposited in his name by his mother who is guardian now.
4.So bought property has been split into two by way of power of attorny by the builder.
5.I am planning to buy the portion from the power holder.
6. Now the Child has attained Major.
Kindly advise whether i can go ahead buying the property. However bank has no objection giving the loan. End of the day i should not suffer from Minor's claim on ownership.


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 8 Replies

Suchitra. S (Advocate)     16 November 2009

Sir, enquire whether the mother has obtained permission from court to sell minor's property before selling the same. Else, he can challenge the sale once he attains majority.

Kamal Grover (Advocate High Court Chandigarh M:09814110005 email:adv.kamal.grover@gmail.com)     16 November 2009

 

 

Suchitra has guide u properly. To sale any property of a minor, it is must that the guardian should get the certificate of sale from court and only then it is safe to purchase the property. else whenever he will attain the majority, he will demand his property back and u cannot claim anything.

Regards

adv.kamal.grover@gmail.com

 

Venkat Narayanan (AM - Finance)     17 November 2009

Hi Suchitra and Kamal Grover, thanks a lot for your reply. To add to it, i have few points for your review.

  1. So bought land has been spilt into two, one portion has been sold already with finance from HDFC..i am buying the other portion
  2. Minor has attained the age of 18 this year, and the FD created out of sale proceeds of land by minor's mother got matured this year and has been handed to her son after having attained the major
  3. Even the FD was mentioning the payee name as minor and with the precondition that will be renewed till the age attaining major
  4. This is not an ancestral property, i guess only for that Court order is required. This land was bought during 2007 and sold in the year 2008

Since the sale proceeds have been handed to the minor son by way of FD in his favour, can't i claim legally in future that this is bonfide sale because of the fact proceeds been handed to him.

snchandrasekarabharathi (senior manager (Law))     18 November 2009

once a person died,his legal heirs are entitled to his estate.  Since it is a separate property of the deceased a share is entitled to the minor.  If you purchase the minor's share it is called voidable contract.  It can be avoided at the option of the minor.  Time limit for challenging the above sale three years from the date of attaining his sale or from the dae of his knowledge of the sale.  Mere having deposit money in the minor's name does not validate the sale of the minor's share.  It is advisable to get the sale transaction confirmed by the person who attained majority now.

Suchitra. S (Advocate)     19 November 2009

Chandrashekar Sir, is right.

Venkat Narayanan (AM - Finance)     19 November 2009

Dear Mr.Chandrashekar / Ms.Suchitra, Thanks a lot for your valuable input. I shall proceed with getting a formal confirmation on the receipt of sale proceeds from the person who has become major now.

K. Rajendra Prakash (Advocate)     22 November 2009

Mother cannot sell the share of her minor Son.  He can challenge the sale after attaining majority.  I cannot advise to go ahead bying the property.

Venkat Narayanan (AM - Finance)     23 November 2009

Dear Mr.rajendra Prakash, thanks for your advice. I have got ratification done by minor son in favour of the builder evidencing receipt of proceeds for the sale of property on Rs.100 stamp paper.


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