David Saks: September 2014

David Saks - Real Estate Broker - The Real Estate Mart of Tennessee, Inc. - 4040 North Watkins-Suite #4 - Memphis, Tennessee 38127 - Phone (901) 357-4663

Real Estate Practice : Lesson 3716

19

There's not much to say regarding who's old enough to put their signature on a loan document and who isn't.

These requirements vary from state to state but are pretty much in agreement with each other.

As of 2008, the legal age for entering into a contract is 18 years of age in every state in the United States except the following: Alabama and Nebraska (19 years of age), and Mississippi and Puerto Rico (21 years of age). Please correct this in the comments section if you know of any changes as of this entry.

Usually, loan processing moves forward if the co-borrower satisfies the applicable state age requirement.

If a kid signs a contract for a loan, that contract is void.

When someone isn't of the legal age required to accept the repsonsibility that comes with the signature on that contract, that contract is void, one which can't be enforced.




David Saks



Time&Temp Memphis

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Comment balloon 2 commentsDavid Saks • September 29 2014 07:50AM
Real Estate Practice : Lesson 3716
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