In South Carolina, what is the minimum age at which a person is considered to have legal capacity to enter into a binding real estate contract?
Correct Answer
C) 18 years old
Under South Carolina law, the age of majority is 18. A person must be at least 18 years old to have the legal capacity to enter into a binding contract, including a real estate purchase agreement. Contracts entered into by minors (persons under 18) are generally voidable at the minor's option.
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Related Topics & Key Terms
Key Terms:
Related Concepts
A financing contingency makes the purchase contract conditional upon the buyer obtaining mortgage approval within a specified time period. If the buyer cannot secure financing, they can cancel the contract and receive their earnest money back.
An inspection contingency gives the buyer the right to have the property professionally inspected within a specified time frame and to negotiate repairs or cancel the contract based on the findings.
Liquidated damages are a predetermined amount of money specified in the contract that the non-breaching party is entitled to receive if the other party breaches. In real estate, the earnest money deposit typically serves as liquidated damages.
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- → A Rhode Island licensee encounters a listing contract is drafted. What should the licensee remember?
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