Registering a house in your minor children's names - Is it possible? How?

Registering the house in your children's name Minors is a possible operation that requires some legal peculiarities. The reasons behind such a choice can be varied and heterogeneous: parents could, for example, decide to buying a house for a minor child During a particularly favorable economic period, either due to their finances or due to a particularly favorable economic climate. Another reason could be to start paying the mortgage themselves, thus facilitating the child's remaining payments. Registering the home in the name of a minor child also protects the family in the event that, following a separation, disputes arise over the assignment of the home, and protects the family assets from unexpected business developments.

Registering a house in your child's name: the bureaucratic process

To register a house in the name of a minor child, authorization is required from the guardianship judge of the competent court. This is a mandatory step in which the designated judge ensures that the transaction is being carried out exclusively in the best interests of the minor, who, as such, lacks legal capacity to act. This legal process is typically initiated by the notary who handled the deed of transfer of the property. The process is typically characterized by speed and ease, as the reasons for denying registration of an asset such as a house are very few, and often obvious. Authorization is therefore obtained shortly after submitting the request.

Once the authorization has been received, you can proceed with the registration of the house, for which different procedures can be followed.

1. -Donation of the propertyThe parents purchase the property and then gift it to their minor child. Obviously, in this case, the cost of the gift must also be considered. For a property value of up to one million euros, and in the case of a gift from a direct relative (parents, grandparents, siblings), no gift tax is payable; however, mortgage and land registry taxes must still be paid, which are approximately 3% of the property's value. In the case of a gift from a non-direct relative or an unrelated person, the gift tax is 6% and 8%, respectively. Registration fees, stamp duty, and notary fees must also be considered.
2. -Purchase a favor of the son: The parents pay the property's purchase price, but the property is legally purchased directly by the minor. For first-time buyers, a registration tax of 2% of the property's value is required, in addition to mortgage and land registry taxes.
3. -Contract in favor of the thirdThe parents sign the deed of sale, proceeding with the formalities and payment of the price, but the contract is binding on the minor. The costs are the same as those listed in point 2.

Once this is finished iter The house will be considered, for all intents and purposes, the minor's property, and therefore, to proceed with a potential sale, the appeal will again have to be made to the Guardianship Judge. Obviously, in this case, the procedure would be much more complex and unlikely to yield positive results: indeed, the best interests of the minor are always what must be protected. However, in cases of clear need, or where it is clear that the proceeds from the sale would benefit the child, a successful outcome to the appeal is not in doubt.

It is therefore a complex and heterogeneous operation for which it is advisable to rely on experts in the field, Contact us!