Legal Question in Real Estate Law in Virginia
Minimum age required fro Real Estate
I own a lot in a private community that was purchased through the county government on a sealed bid and does not have any liens against it. Can I re-title this property in my 14-year old sons name? It is an unimproved lot. There are no stipulations regarding minimum age requirements in the POA by-laws.
If so, my current Home Owners poilicy on my principal residence covers this lot in the event of something happening (tree falls on the house next door,etc.). Would he be required to have a seperate home owners insurance policy on this lot?
1 Answer from Attorneys
Re: Minimum age required fro Real Estate
You could certainly transfer ownership of the lot to your son by way of a deed of gift. Your son would then own the lot and not you.
As to whether your son as the new owner of the lot would be required to have his own homeowner's insurance policy would be determined by the HOA rules. (Your policy could certainly not cover a lot which you no longer own.)
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