Just curious...
2006-08-12 14:52:35 · 9 answers · asked by I I 1 in Business & Finance ➔ Renting & Real Estate
I think 18 or 21 is the legal age to own a home. You have to have credit before you own one.
2006-08-12 14:58:08 · answer #1 · answered by Andrea 5 · 0⤊ 0⤋
It's a bit complicated. Actually a minor can be the legal title holder to real estate, and many of them are as a result of intestate inheritance. The problem is that minors do not have legal capacity to contract: so they cannot deed out or mortgage real property. So, if the minor wishes to actually do anything with his or her property, a court will have to appoint a guardian to sign documents and enter into contracts. Once the minor turns 18 (the usual age of majority in the US) there is no need for a guardian, so if one has been appointed the guradianship is terminated and the property belongs to the former child free & clear. There are also legal procedures to "emancipate" a child who is a bit short of majority, provided they have the judgment & desire to manage their own economic affairs & property.
2006-08-13 00:22:36 · answer #2 · answered by Anonymous · 0⤊ 0⤋
I would research this with a call to your local Board of Reltors. The have alot of information available.
Though I do know that if you are a minor, the estate is held in trust, and you can maintain the property etc. I believe most states the legal age for property ownership is 18 years old. That of course is dependant upon the state statutes.
2006-08-12 22:00:41 · answer #3 · answered by Gypsy 5 · 0⤊ 0⤋
I am unsure about holding a deed, but you must be at least 18 in order to go through the process of getting a mortgage ang purchasing a home.
2006-08-12 22:12:18 · answer #4 · answered by endsjustmeans 3 · 0⤊ 0⤋
A contract is voidable if signed by a minor (under 18). Therefore all contracts in relation to owning a home can be voided by a minor and deemed unenforcable.
2006-08-12 22:22:05 · answer #5 · answered by wildcat03820 2 · 0⤊ 0⤋
you have to be 18
2006-08-12 21:59:38 · answer #6 · answered by bianca 4 · 0⤊ 0⤋
There is no age limit. A minor can own a home.
2006-08-12 22:06:44 · answer #7 · answered by szydkids 5 · 0⤊ 0⤋
18, unless you are emancipated by a court of law. Then, any age.
2006-08-12 21:57:47 · answer #8 · answered by ? 3 · 2⤊ 0⤋
18, if you can get the credit or have the cash to buy one.
2006-08-12 21:58:15 · answer #9 · answered by lynda_is 6 · 0⤊ 0⤋