Legal Question in Real Estate Law in New York
Real Estate Purchase and a Minor
My nephew will be 18 in 6 weeks.
He will receive a check from a structured settlement on his 18th birthday.
He has found a home he wants to
purchase. The homeowner is anxious to sell the property.
Since he is a minor, will he be able to begin the purchasing process? Or, since he is still a minor, must he wait until his 18th birthday to begin the paperwork process, make an offer, put a binder on the house etc.
The concern is he does not want to lose this house if he is stalled for the 6 weeks until his birthday.
Short of waiting the 6 weeks to begin the purchasing process, is there anything he can do to get himself locked in to the house?
1 Answer from Attorneys
Re: Real Estate Purchase and a Minor
A minor does not have the capacity to enter a contract. However he may negotiate the contract. Therefore, he may begin the purchase process as a minor, but the contract must be signed and may only be enforceable after his 18th birthday.
Mike.
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