Development agreement involves minor cum GPA
I purchased a residential apartment . the distribution is done between 2 brothers among them one of whom 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 a minor is involved in it. The minor who is involved attains 18 years on 2nd June 2014. Is it advisable to go for the property?
The property of a minor cannot be disposed of in this way. Get the agreement thoroughly checked by your lawyer to ascertain if the ownership rights will stand transferred to you or not.
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