Legal Question in Real Estate Law in Pennsylvania

Can a minor by real estate?

My wife is ill and we need to sell our two story home, and buy a one story. We cannot get a loan, because we are behind on some bills. My aunt has given myself and our two children some shares of stock which we are not allowed to touch without her permission. However, my children, who are 15 and 14, would like to ask their great aunt if she would allow them to use this money to buy the house for their mother. They thought that if they could do this they would put the house in their name and then when they are out of college and on their own, my wife and I could look into an assisted living arrangement and they could sell the house and split the profits. Would this be legal? If not, could we cash the stocks buy the house in our name and have a legal document written up that stated that the house would be given to them upon their say 25th or 30th birthday? These stocks are written up in naming me as custodian for them. We were told we could cash them in but that we could later be sued for doing so if the kids became mad at us. The kids think this is ridiculous and still want to help us before their mother falls down our steps or injures herself in some way. Thanks for your help.


Asked on 3/08/05, 7:46 am

2 Answers from Attorneys

Mark Johns Mark Johns, Esquire

Re: Can a minor by real estate?

While reluctant, a Court might approve a petition to allow a transaction. The deed would be to them in trust (until they turn 18). You would probably have to pay market rent into the trust to show that it is in the kids best interests. I offer free consultations.

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Answered on 3/08/05, 8:13 am
Gerald Hershenson Law Office of Gerald M. Hershenson

Re: Can a minor by real estate?

I disagree with the approach of the other legal counsel. It is my suggestion that you consult with legal counsel to discuss your intentions. There are many issues that can be raised in what you propose to do. It certainly can be done. Certainly a Trust can be created with a life estate for you and your wife. However, you should address all issues and this forum is not sufficient to cover the issues in a simple manner. Gerald Hershenson Esq. 215-580-9390

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Answered on 3/08/05, 9:17 am


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