Minor involved in Development agreement cum GPA
I purchased a property a residential apartment . the DAGPA is done between 2 brothers among them one is a minor ( 16 years when the GPA is done). when i approached the bank they rejected the loan saying that the GPA is invalid as Minor is involved in it.
the minor who is involved attains 18 years by 02-june 2014.
so is it advisable to go for the property . please suggest.
Asked in Property Law from Hyderabad, Andhra Pradesh
Hi, we have to go through the entire document to give clear opinion, but one thing is sure No one can't enter into contract when a person is minor and it is clearly barred by law.
dont purchase the property . the fact that bank rejected your loan application should open your eyes to risks involved in purchase of such a property .
Was the relinquishment deed made by the guardian of the minor before selling the property to you? The property of a minor cannot be disposed of in this manner. Get the agreement perused by your lawyer to ascertain if the ownership rights will stand transferred to you or not.