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Question on house purchase

  • 24-10-2010 3:59pm
    #1
    arse..biscuits
    Registered Users, Registered Users 2 Posts: 1,878 ✭✭✭


    Can I buy a house and put it in my daughter's name?
    There will be no bank involved (no mortgage).
    My daughter is 7 months old.

    I purchased before and would have to pay stamp duty this time, however I'm not trying to dodge stamp duty. It would be in case anyone ever tried to sue me for my assets.

    Thanks for any replies.


Comments

  • #2
    Davy
    Registered Users, Registered Users 2 Posts: 19,340 CMod ✭✭✭✭Davy


    Dont you need to be over 18 to sign the deeds?


  • #3
    dory
    Moderators, Recreation & Hobbies Moderators Posts: 4,574 Mod ✭✭✭✭dory


    And wouldn't your poor daughter then have to pay stamp duty when she becomes a first time buyer?


  • #4
    arse..biscuits
    Registered Users, Registered Users 2 Posts: 1,878 ✭✭✭arse..biscuits


    Davy wrote: »
    Dont you need to be over 18 to sign the deeds?

    Don't know, thats part of my question.

    If a lone parent died and left a house in a will to their under 18 child, could the child own a house that way? I'm not planning to die, just thinking is it possible for a child to own a house.


  • #5
    arse..biscuits
    Registered Users, Registered Users 2 Posts: 1,878 ✭✭✭arse..biscuits


    dory wrote: »
    And wouldn't your poor daughter then have to pay stamp duty when she becomes a first time buyer?

    That's true under current rules obviously. I'm more concerned about the next few years though.


  • #6
    Jo King
    Banned (with Prison Access) Posts: 2,139 ✭✭✭Jo King


    You can buy the house in trust for your daughter. When she is 18 she can compel you to hand over the house to her.


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  • #7
    The_Conductor
    Moderators, Society & Culture Moderators Posts: 32,286 Mod ✭✭✭✭The_Conductor


    arse..biscuits wrote: »
    I purchased before and would have to pay stamp duty this time, however I'm not trying to dodge stamp duty. It would be in case anyone ever tried to sue me for my assets. .

    Depends on a few things- of which the source of these assets and whether anyone else has any call on them, would be tantamount. It also depends on the reason for transferring these assets to a minor, and could in theory be open to challenge in either this or other jurisdictions.

    If you are worried about possibly being sued over these assets, you could potentially transfer them to a spouse, who would have more security over these assets, than would a child.

    You really *need* to get sound independent financial and legal advice- before taking any action- there could be implications associated with a transaction of this nature that you have not considered.


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