Real Estate Question Maine Brokers Get A Lot "Is It Legal To Put Property In My Under 18 Year Old Kid's Name?

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Real Estate Agent with MOOERS REALTY ME Broker License 106759
https://activerain.com/droplet/4vXP

Children under 18 owning property, on the deed to Maine real estate who are minors, is it legal to do that I get asked a lot.

maine hockey high school players Sure, you can put the Maine property in a minor, a child under eighteen's name.

But if you want to sell it, mortgage it before he or she turns eighteen, oh oh.

You even though maybe the parent and who set up the operation have to foot the bill for a Maine guardian ad litem, to protect the interests of that minor. Here is the skinny, the A-Z on the Maine gift to minors act. What the state legislature set up to cover assets given to or the transfer process for children under 18 years of age, minors.

 An attorney, someone recognized by the courts as an advisor of the rights of that minor needs to be in the equation before selling, mortgaging, subdividing, etc.

To make sure the interests, rights of that Maine minor are being considered, protected.

Have many parents who never planned on selling suddenly decide they need to and the trip up the court house steps comes as a surprise, set back. The legal process for a minor owner of Maine real estate is an irritation, mind boggler for someone who made their kid a grantee in a real estate transaction. Because they figured they put the property in the minor's name in the first place. Their own bright idea as a parent. And thinking should be able to retain control of it as a parent.

It's like you made a move in chess, removed your finger.

Maine, big state, simple living, low cost real estate.

I'm Maine REALTOR Andrew Mooers, Broker

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Rainmaker
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Pam Jank
Coldwell Banker Schneidmiller Realty - Coeur d'Alene, ID
Your Coeur d'Alene & North Idaho Real Estate Pro

Andrew, great post.  I have had to send several clients to Attorneys for this reason. Living in a college town, parents sometimes buy small homes for the student to live in, and prove residency,  instead of renting.  They rent out the additional rooms to help make the payments and hope the home will be an investment later on for their son or daughter.

Feb 23, 2011 07:30 AM #1
Rainmaker
1,948,762
Andrew Mooers | 207.532.6573
MOOERS REALTY - Houlton, ME
Northern Maine Real Estate-Aroostook County Broker

It's like running with scissors, or a stick. Fun as a kid until an eye gets poked out. Not one thinks of taking the property out of a minor's name when they put it in. Surprise. It happens.

Feb 23, 2011 09:03 AM #2
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Rainmaker
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Andrew Mooers | 207.532.6573

Northern Maine Real Estate-Aroostook County Broker
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