Homeownership PLEASE HELP
posted by Terry on .
Hi I KNOW this isnt a homework question but what is the legal age to own a home? is it 18 or 21? I was told its 21 but it doesnt make sense to me.why cant you be 18? I really need to know.
It may depend on where you live but your credit line starts when you are 18. I would say 18.
Well if you really really need to know call your district attorney (he won't bite because he's just your public servant). You also could call a knowledgable real estate broker (make sure you talk to a very experienced broker and not just a realtor. each state has its own laws, but I think 18 is the age you can own property (including a house) in most states.
If you find out let us know.
You can own the home as a baby. HOWEVER, you cannot execute contracts and most other legal documents until you have legal status, which varies by state. Most are around the age of 18, some younger, some older.
So to own a home as a baby, you need a guardian, or a trustee, or a parent, or be a legal ward of a person in legal status. Some states can allow a very young person to have legal status, in Texas some young kids have been awarded that status, but it is Rare, and it takes a rare kid to get it.