In the United States, how old do you have to be to buy property?
If under 18 do you need a co-signer? I've heard of teenagers buying property before but I wasn't sure if their parents bought if for them and put it under their name or not.
I would assume the age is 18 but in the US you have to be 21 to drink and 16 to drive... I don't understand the age limits as other countries allow younger people to do more.
Thanks in advance for any response! :)
- linkus86Lv 79 months agoFavorite Answer
Most answerers are going to tell you it's illegal for anyone under 18 to enter into a contract to buy/sell property, but it's not true. It's just that someone under 18 can't be legally required to honor a contract they sign, so hardly anyone does and no one co-signs a contract for people under 18 either. But it is common for minors to be named on title to the property by their parents as a custodial asset, and is done so for various reasons.
- SlumlordLv 79 months ago
Its the age of Majority for your state, which will be somewhere between 18 and 21. Here is an article giving the age of majority by state:
- babyboomer1001Lv 79 months ago
You have to be of adult age in the state where you buy the property. In some states, the age of majority is 18. It could also be 19 or 21.Source(s): Certified Paralegal, with 25+ years' experience.
- Anonymous9 months ago
There is no min age. But when you buy a property, you need to sign a land deed and a certificate of the purchase of the property. According to the law, a legal age is 21 years old for singing any documents. My business professor told me this. 18 is legal for singing papers. But if the documents is legal documents such as deed, you need to be 21 years old.
When you are below 21 years old, you need a parent signature or a guardian signature.
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- SimplytheFACTSLv 79 months ago
if under 18, it can only be bought by a trust for you.
driving age varies by state.....
theres more to it than a mortgage,
the purchase involves a sales contract....so a minor can't even buy a house themselves if they have cash..
even if someone were to agree to let a minor buy, the parents would technically own it as the parents own the child
- curtisports2Lv 79 months ago
Contracts signed by minors cannot be enforced against the minor (with the exception of an emancipated minor). So an adult has to do the signing of any documents related to the purchase and deed of title. But the minor can supply the money and be the owner. Ownership will be under the control of the parent or legal guardian, however, until the child reaches the age of majority. This is why you occasionally hear about a child star that got screwed over by their parents - their parents had control over their money.
- Anonymous9 months ago
Under 18 the child cannot sign a binding contract.
Exception, very rare is a court emancipated juvenile (age 16 or older).
An Adult can buy the property and Quit Claim it to the child.
Or establish a Trust Estate.
For proper and legal advice, you must consult a Licensed Attorney
- A.J.Lv 79 months ago
Except for Alabama, Mississippi, and Nebraska which have higher, 18 is age of majority where contracts are enforceable. There is no minimum age to buy a property, but 18 for the contract to be enforceable. The issue is not in buying a property, but instead is in borrowing money. Few people have the cash to buy a property for cash. If a 16 year old had the cash, and seller accepts contract risk, they could accept the cash and property transferred to the 16 year old. After a certain amount of time, a judge would not void the sale. Sometimes, young people are given property or inherit it. To get a mortgage, borrowing most of the purchase price, that takes a job with a couple of year history earning at least 3x the monthly (mortgage payment+insurance+property taxes), a decent credit rating, and a down payment. Few young people can get a mortgage nor have the cash to buy a home. License to drive age varies by US State. In South Dakota, learner's permit at 14, restricted license at 14 1/2, and full license at 16. They are the youngest allowed. Alcohol sales are restricted because of drinking and driving by inexperienced drivers. Although standard minimum is 21, there are many exceptions. LAst update in 2016, current laws would need verification:
In Nevada, where I live, Las Vegas as main city, on private, non alcohol-selling premises there is no drinking age minimum. There are also exceptions for religious and medical purposes. In restaurants, if a parent is with the minor, on alcohol-selling premises drinking is allowed. Minors are prohibited from bars and casino gaming areas.
- Anonymous9 months ago
you can't LEGALLY sign a BINDING contract until yoy are 18.