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MiSsY | Can you buy a house if your 17? |
A friend wants a house. |
 |
 
MIND THE GAP
 |
There is a lot of bad advice on this question.
A 17 year old CAN BUY A HOUSE if they can pay for it. They CAN NOT get a mortgage. Also, they CAN NOT sell the house until they are 18. |
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squeezie_1999
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A 17 year old is minor person. A minor person can own things. A house is a thing. If a 17 year old can own a yo-yo, they can also own a house. The problem is that a minor cannot validly sign a contract... and any contract signed by a 17 year old is not enforceable. So a 17 year old could not sign a mortgage, get a loan, or execute a contract to buy a house or other real estate. If the 17 year old happens to have the full cash price of a house under his pillow, I guess he could buy one.... but as a practical matter it wouldn't work. |
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bostonianinmo
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While a minor cannot generally enter into a binding contract, there ARE exceptions for "necessities of life." Since shelter is clearly a necessity a contract for shelter may be legally enforceable even if the buyer is a minor. However, a mortgage would not come under the necessities of life rule so unless the minor had cash it would be a moot point on the purchase. |
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trblmkr30
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Nope, you must be a legal adult of 18 years of age or older. Besides, if you're able to afford a house at 17, you're doing very well. Have your friend start saving money each month so that he/she has a good down payment when they're 18. Down payments always look good to the lender, and they lower your monthly payments. |
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irishbarfight
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absolutely not. a 17 year old isn't of legal age to sign a legally binding document..which is what a mortgage is. Tell your friend to wait until he/she is 18. By the way..do they have any idea how much money is involved in buying a house??? They should think long and hard about "flying by the seat of their pants", especially at such a young age. |
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raddemo
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You have some choices here that the others haven't mentioned.
Legally, you must have legal capacity, which means you must be 18 to sign a contract and have it be legally enforcable.
However, you can do it if:
1. You are an emancipated minor
2. You are married
3. You are a member of the armed services
4. You have a kid
I supposed it depends on the state as well.
Ask a title company. You can't get title insurance if you can't transfer the title into your name. |
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Michael W
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You can sign agreements but no one can hold you to the contract. But you can hold them to it because they are over 18. No bank would go through with that transaction. Good Luck!
Real Estate Broker |
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Bruce T
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In the state you live call the Real Estate Commission for quidelines. Some states may operate under a different title, in this case call the information line for the state.
Have the guidelines emailed or mailed to you. Your friend will then have it to understand. |
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indiansbearsandangels
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No, it is not legal until they are 18. |
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Princess_Diva
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No. The contract would not be binding, since you are not yet an adult. At least if you live in the US. |
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src50
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No. You cannot sign legally binding contracts until you are 18. |
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