A PERSON BELOW 21 YEARS MAY NOT VALIDLY OWN LAND/BUILDING

A PERSON BELOW 21 YEARS MAY NOT VALIDLY OWN LAND/BUILDING

Buying land/building in the name of your child may feel like smart planning, but good intentions do not over-ride the law.

If the child is below 21 years, you must structure the transaction properly. Nigerian property law does not permit a person under 21 years of age to directly buy or own land in his/her name.

Paying the purchase price and putting the child’s name on the land documents does not make it valid. It is against the law.

The correct and lawful approach is to use a trustee, guardian or legal representative. The property should be acquired and documented in trust for the child until he attains full legal age.

This protects the investment, preserves the child’s interest and prevents future issues with buyers, banks or Government authorities.

Many persons feel the impact of this mistake years later when they want to sell, develop, transfer or use the property as collateral, only to be told the ownership is defective because the child lacked legal capacity to own the land/house at the time it was bought in his/her name.

Where the property is inherited by the child, the law recognises the child’s ownership. But where it is bought, proper legal structuring is compulsory.

If you want to secure land or building for your child under 21, get a Property Lawyer early enough to structure the transaction correctly.

__________________
APEX CHAMBERS, Law Firm of Property/Real Estate and Business/Corporate/Commercial Lawyers, Attorneys, Barristers, Solicitors, Advocates and Legal Practitioners rendering legal services, Legal Consultants and Notary Public with Law Office in Port Harcourt, Rivers State, Nigeria

Phone: +234(0)7030868694 (Calls and Whatsapp)
Email: info@apexchambersglobal.com
Website: www.apexchambersglobal.com.