i am 17 and would like to but a house. i ahve the money but am afraid that i can't because i'm not 18. i'm in ohio . i've looked on the internet and i can find anythink. can someone please help. thanks
2007-01-19 05:50:01 · 15 answers · asked by elizabeth v 2 in Politics & Government ➔ Law & Ethics
hi. just for everyone who awserd i just talked to the realtor and i can get the house if my parent sign the contract. it's a 15,000 house that needs work but everyone in my family is a carpender and so we can fix it up for free. thanks to everyone who awnserd.
2007-01-19 07:30:45 · update #1
A minor could indeed purchase a home. The problem is, I would be reluctant to sell one.
Contracts with minors are iffy things. It's voidable; a one-way obligation. If I was selling a 5-figure property to a minor, I'd worry that the minor could say "golly, I want out" or "I want a refund."
I would want effective recourse against you.
There's probably a cute way to do this by establishing a trust and having the trust purchase the house for you. The trust could be set up to redeed the house to you at 18.
You need an attorney, if you're not willing to wait.
2007-01-19 06:00:33 · answer #1 · answered by Anonymous · 1⤊ 0⤋
There is one way but I doubt a bank would give a teen a huge loan anyways but a teen can become emancipated meaning that they can free themselves from being under their parents/guardian and be declared as adults. It rarely happens. I would wait a year. Also your very young to be buying a house, your credit has not had a chance to develope. You will most likely need a co-signer. I suggest getting an apartment first. You can sign a contract for a year or year and a half and build credit that way. Plus not paying rent is not as bad of a blow to your credit than going bankrupt because you cant pay for your house is.
2007-01-19 06:03:53 · answer #2 · answered by mastercheddaar 3 · 0⤊ 0⤋
You might be able to purchase a home, but not on your own. You would most likely need a guardian of yours to co-sign with you, being that buying a home is a legal contract.
Wow! You actually have the money??? Can you please send me some money??? LOL.
Are you an emancipated minor?
It depends from state to state. I am from Georgia, so I don't know about the laws in Ohio. You could find a definitive answer by contacting an attorney who specializes in real estate or similar field.
Good luck on getting your house! : )
2007-01-19 06:02:35 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Invest that money is a CD with a bank, when you have extablshed credit, have a job in a few yrs, the CD will mature and you will have more money for a downpayment. Might I add what a brilliant investment that is for a 17 yr old :D
After that rent out the house and let it pay for itself, if you make a down payment they dont require that you live in it for a yr.
2007-01-19 05:54:48 · answer #4 · answered by ? 3 · 1⤊ 0⤋
You probably can with your parents concent. But the house would have to be in both your name and your parents. Also, to get a mortgage you will need a credit score. If you have never had a credit card, or a loan, you probably can't get a loan in your name. You may want to wait until you are 18 and have the chance to build your credit.
2007-01-19 05:55:20 · answer #5 · answered by Anonymous · 1⤊ 0⤋
Sadly no, you can't enter into a "contract" because you are still a minor in the court's eyes. You can however, petition the court to have yourself emancipated. Once the court grants that, you are legally an adult & then you can purchase your home. Check with the clerk of court office in your hometown.
Good for you!
2007-01-19 05:54:42 · answer #6 · answered by Anonymous · 1⤊ 0⤋
If you do have the money....just wait. No sense in running into such a serious step in your life as buying a house.
Where does a 17 year old get the money to buy a house anyways.
2007-01-19 05:55:46 · answer #7 · answered by Anonymous · 1⤊ 0⤋
To legally sign a contract you have to be 18.
2007-01-19 05:57:03 · answer #8 · answered by Smitty 5 · 0⤊ 0⤋
Well, you can get someone to co-sign, but you can't buy a house at 17. Trust me, my aunty is getting me an apartment when I turn 17 in 4 months.
2007-01-19 05:53:45 · answer #9 · answered by redbone 3 · 1⤊ 1⤋
No. Minors cannot enter into any contract until they reach the age at which their state considers them an adult.
2007-01-19 05:54:22 · answer #10 · answered by Team Chief 5 · 1⤊ 0⤋