They can't transfer the house to a seven-year old: a seven-year old cannot own real estate and cannot enter into contracts. They can transfer the house to a trust for the child's benefit, which will then turn the house over to him/her at some defined time (e.g. at age 18 or 21) and make you (or anyone they want) trustee for the child, but they cannot simply give the home to the young minor child.
Rate This Answer:
Not Yet Rated
The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you go to AttorneyPages.com
and retain an attorney to represent you.