An adult is an individual who has reached the age of majority, which is defined as either 18 or 21 years old, depending on the state. This status grants the legal capacity to enter into binding contracts, including real estate transactions.
A key element for any valid contract in real estate, ensuring that individuals entering into legal agreements are legally capable and have the mental capacity to understand their actions.
An individual who is not legally capable of completing a contract due to mental illness, being a minor, or other factors rendering them incapable. Contracts involving incompetent parties are voidable.
Legal age refers to the official standard of maturity upon which an individual is considered legally responsible for their actions. In the context of real estate, contracts involving minors are typically voidable.
In real estate, a minor is an individual who has not yet reached the age of majority, which varies by state but is typically between 18 and 21 years old. Contracts involving minors, such as those for the sale or use of real estate, are subject to special legal considerations.
