Disclaimer: This article is for educational purposes and does not constitute legal advice.
Detailed Answer
1. Sale Through Surrogate’s Court (SCPA Article 12)
Under New York Surrogate’s Court Procedure Act (SCPA) §1202 (SCPA §1202), any sale of real property owned by a minor requires court approval. A petitioner—often a guardian or heir—files a petition outlining the property description, estimated value, reasons for sale and proposed use of proceeds. The court appoints a guardian ad litem under SCPA §1216 to represent the minor’s interests. After notice to all interested parties under SCPA §1214 and a hearing, the court may authorize the sale on terms it finds in the minor’s best interests.
Once approved, proceeds must be deposited in a blocked account under Banking Law §64, requiring further court orders for withdrawals.
2. Appointment of a Guardian of Property (SCPA Article 17)
Alternatively, a guardianship of property may be established under SCPA §1702 (SCPA §1702). The appointed guardian manages the minor’s real estate, including executing deeds, subject to court supervision, bonding requirements and periodic accounting to ensure the minor’s interests are protected.
3. Partition Action With Guardian ad Litem (RPAPL Article 9)
Co-owners may seek a partition of jointly held property under RPAPL §901 (RPAPL §901). The court will appoint a guardian ad litem for the minor’s share. The court can order a partition in kind, sale or buyout of the minor’s interest, ensuring proceeds or property divisions serve the minor’s best interests and are handled per court directives.
Helpful Hints
- File petitions in the Surrogate’s Court of the county where the property is located.
- Obtain a current appraisal to establish fair market value before filing.
- Plan for guardian ad litem fees and court costs, which will reduce net proceeds.
- Ensure proper notice to all interested parties as required by SCPA §1214.
- Work with an attorney experienced in Surrogate’s Court procedures to draft petitions and represent interests.
- Prepare for delays: court review and approvals often take several months.