My brother and I, one of us still a minor (17 years old when the power of attorney was signed), jointly bought an apartment. The bank rejected our loan application because of the minor’s involvement. He turns 18 on June 2nd, 2024. Should I still go ahead with the property?
1 Answers
Best Answer
Since your brother was a minor when the power of attorney was signed, it is legally void and does not bind him. You can proceed with the purchase after he turns 18, but ensure a fresh power of attorney is signed by him, and the loan application is re-submitted with both your signatures.
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