I just saw the video of the 17 year old who made a million dollars for her myspace website. Can she legally purchase a house, or does it has to be in the name of someone over 18 years old.
2007-11-01 10:50:33 · 20 answers · asked by Redcat 2 in Business & Finance ➔ Renting & Real Estate
~All depends on the age of majority in your state. The title can be put in the name of a minor (BAD mistake - a minor can neither sell nor mortgage it) but the purchase contact and closing papers have to be signed by one legally old enough to enter into a contract. Only a fool would sell to a minor, be it a house or a car or anything with a big price tag or installment payments.
To all the morons who say the age is not a problem, look up "non sui juris" and rethink it. The minor can trash the place, demand a full refund and walk away from the deal.
2007-11-01 10:55:40 · answer #1 · answered by Oscar Himpflewitz 7 · 2⤊ 0⤋
Typically, in order to have legal standing, you have to be 18 yrs of age. She could possibly get an independent minor classification from the court...
There are specific rules for underage stars, too. Meaning, their money belongs to them when they make it, the result of child stars having all their money taken by parents, managers and other responsible "adults" around them. I imagine she could buy a home, but I think she't have some hoops to go through since she isn't 18.
2007-11-01 10:54:40 · answer #2 · answered by Night Owl 5 · 1⤊ 0⤋
no you have to be 18
2007-11-01 10:57:10 · answer #3 · answered by babygirldlls 4 · 0⤊ 0⤋
Yes she can purchase a house. There is no restriction on buying things based on age. You can buy a car before you're 18, just like you can buy clothes, groceries, and anything else.
However, you can't get a mortgage or take out a loan to buy those things, because that would require a contract.
2007-11-01 11:39:21 · answer #4 · answered by shoredude2 7 · 0⤊ 1⤋
i think she would have to be emancipated= become her own legal guardian. Don't think the paper work is worth it if she 17. that's too close. What was she selling on myspace. I want a house too.
2007-11-01 10:59:35 · answer #5 · answered by Loving the hate. Bring it on. 2 · 1⤊ 0⤋
You don't have to be over 18 to be the main purchaser, but if your not over 18, you do have to have a cosigner that is of age.
2007-11-01 10:53:41 · answer #6 · answered by nicole m 2 · 0⤊ 0⤋
Well, no one under 18 can legally enter into a binding contract, so she must have had some adult help somewhere along the way!
2007-11-01 10:56:45 · answer #7 · answered by bainaashanti 6 · 1⤊ 0⤋
It can be put into a trust that is created for her benefit. It is run and managed by an "adult" until she reached majority. Now a lot of states have different ages for the Adult age so that may vary by state. Check on that too!
2007-11-01 10:56:27 · answer #8 · answered by helprhome 5 · 0⤊ 0⤋
depends on the state--age of legality for signing a contract varies. Also if it's a cash sale, it may not matter as much, but who would give a mortgage to a teenager?!?!
2007-11-01 10:56:52 · answer #9 · answered by glessnerbeth 4 · 1⤊ 0⤋
You cannot enter into any kind of a contract with a minor...and that includes the purchase of a home.....she'll have to wait until she's 18.....
2007-11-01 10:54:31 · answer #10 · answered by The Original GarnetGlitter 7 · 1⤊ 0⤋