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?

Answers (1)

231 votes
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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