Legal Question in Real Estate Law in Ohio

What age to own Real Estate?

Hello, I am 16 years old and just received an inheritance from my grandparents. I want to purchase a home and car in my name alone. I want to rent the house out and drive the car for school. I do not want my parents to have thier names on any of the papers because they are terrible with money. I want it to just be mine.

Can I own a house and/or property in my name alone?

Can I purchase a car in my name alone?

I have over $200,000 to invest in these 2 things.

Asked on 10/23/04, 9:23 am

1 Answer from Attorneys

Harold Hom Harold L. Hom Co., LPA

Re: What age to own Real Estate?

You must be 18 in order to own real estate and cars. Also, a Court is not likely to turn over the money to you at age 16. Here are your options. First, you can ask the Court to impound your money until you attain age 18. In other words, the money will be deposited with a bank and no one can take money out of it without a court order. This will protect the money from your parents. Second, you can ask the Court to appoint a trustworthy person to be the guardian of the money and have such person bonded to prevent theft. Once again, the Guardian will need the permission of the Court to spend the money. Third, you may be able to ask the Court to appoint a Custodian under the Ohio Transfers to Minors Act. The Custodian does not need the Court's permission to do anything.

Read more
Answered on 10/23/04, 11:18 am

Related Questions & Answers

More Real Estate and Real Property questions and answers in Ohio