I'm questioning wether a teenager of about 13 or 14 can own real estate and evict people and things like that like he wants to do it though. please help
2007-07-05 02:52:36 · 9 answers · asked by Nickels6 2 in Business & Finance ➔ Renting & Real Estate
I am going to assume you are under the age of 18, and answer your question from that point of view.
Yes, you can technically own real estate.
However, there is a catch.
Purchasing Real Estate usually involves a contract, that would be voidable, since you are a minor. Voidable means that it can be made void if YOU, and you alone, change your mind. I seriously doubt if you will find a seller willing to take that chance.
Also, unless you are paying cash, you also cannot contract to a mortgage, and no lender is going to accept a co-signer where the minor was the primary signer, because this type of contract, is void. (Which means it is invalid the day it was signed).
2007-07-05 08:45:08 · answer #1 · answered by Expert8675309 7 · 0⤊ 0⤋
You can own real estate, but you cannot enter into a contract until you reach the age of majority in your state. So you can't buy the land, you'd probably have to inherit it or receive it as a gift. The contract limitation would mean that you can't sign a lease as the landowner or landlord, though.
2007-07-05 03:04:36 · answer #2 · answered by Ralfcoder 7 · 0⤊ 0⤋
A teenager can own land. There are however some problems with having tenents as a teenager cannot legally sign contracts and such. There may be ways to get around that but I don't know about all the legalities.
2007-07-05 02:56:26 · answer #3 · answered by PRS 6 · 1⤊ 0⤋
A teenager can not be held responsible for their contracts they make in most cases.
You can own a home but you need someone to sign and be responsible for you in legal matters-a guardian.
2007-07-05 03:06:01 · answer #4 · answered by glenn 7 · 0⤊ 0⤋
I propose you get a Realtor Mentor who can inform you approximately actual existence industry stories first hand. showing your interest at your age ought to hold approximately a summer season interest which you should income much greater journey. in basic terms be sure you come across somebody who's particularly effectual to make your mentor.
2016-10-19 02:22:46 · answer #5 · answered by ? 4 · 0⤊ 0⤋
the teenager can be on title with the person(s) who are 18 or over, but he/she can't own it on her own.
2007-07-05 04:07:27 · answer #6 · answered by Anonymous · 0⤊ 0⤋
no your not an adult. unless you were emancipated but your too young. please please dont worry about things like that till you h ave to. go to school and dont stop with high school. let school be your number one till you have that college degree.
when you turn 18 become a property manager if you still want.
2007-07-05 02:57:31 · answer #7 · answered by love&lost 4 · 0⤊ 0⤋
i think so. you probably need your parents to co sign or something.
2007-07-05 02:56:16 · answer #8 · answered by Anonymous · 0⤊ 0⤋
IT WOULD HAVE TO BE WILLED TO HIM. YOU CAN NOT ENTER A CONTRACT WITH A MINOR!!!!!!!!
2007-07-05 04:34:40 · answer #9 · answered by k man 3 · 0⤊ 0⤋