How Old Do You Have To Be A Wholesale Real Estate?

How Old Do You Have To Be In Wholesale Real Estate?

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Some people wonder how old they must be to enter the Real Estate property market. Different states can have additional requirements for their state.

Most states require that to become a licensed real estate agent, you are over 18 years old and have a high school diploma or GED. To enter a contract such as a property purchase, most states would also require that you are at least 18 years old, and in some states, contractual obligations may start at the age of 21.

If you want to enter the real estate market as either an agent or by purchasing a property, you should check with the state rules for the area you wish to purchase or practice real estate.

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Real Estate Age Is Usually 18 Years Of Age

To enter the real estate market as a full-fledged buyer, seller, or agent, most states require that you are considered an adult or at least 18 years old. But even the legal age to enter real estate transactions can change from state to state, so you need to check the laws of the state where you reside or want to purchase or sell the property.

Here are a few things to consider:

Real Estate Agent License Requires You Are Over 18 Years Old

Most states have rules about how old you must be to become a real estate agent. Not only do you need to take classes, but most states also require the following:

Each state in the United States has requirements for obtaining a real estate license. In some states, the age may be higher than 18, but no states have a lower age than 18.

You need to check with your state board to determine their qualifications and what is required to become a real estate agent. Each state will have different rules and regulations.

To Legally Purchase Real Estate, You Need To Be Over 18 Years Old

To legally purchase and sell real estate, you must be over 18 to sign a contract on your own. The reason is that in the United States, you are still considered a minor until the age of 18 years old.

If you decide to purchase property under 18 years old, you must have an adult sign together for the property. If there are any legal issues, the adult will be bound by the law and responsible.

Any adult that decides to sign to purchase property or sign for property for a minor should first consult a lawyer to fully understand all their legal and other obligations under the law.

United States Age For Contractual Obligations

Even if the law recognizes you as an adult at 18, there can be other stipulations in some states that do not. For example, in the state of Alabama, the age is 19.

The age of what is viewed as adulthood is known as the age of majority. That is also the age when the court system will look at you as an adult and automatically try you for any crimes.

But the law is not always so clear-cut. There can always be exceptions to the law, and one of those exceptions can be real estate.

To enter into a contract may also require that you are at least 21 years old. For example, car rental companies require that you are 21 years old to rent a car even if you are considered an adult at 18 years old in your state.

Contract With A Minor Is Void Or Voidable

One reason age is so important in real estate is that real estate is usually a significant investment; a lot of money is being transacted to purchase or sell the property. Because of this, real estate transactions are very carefully written contracts.

Under the law, a contract with a minor is generally avoidable. That is why a minor is usually assigned a legal guardian to look after their legal issues for legal matters.

In real estate transactions where large sums of money are transferred from one party to another, a minor cannot and should not legally enter into a contract. Nor should you enter into a contract with a minor unless you are their legal guardian.

The reason is that the contract can become voidable under the law, and the minor could be deemed not responsible, but you, as an adult, would be.

Because of legal and contractual issues, a person must be at least 18 years old and, in many other cases, over 21 years old to sign a legal contract. The requirements for the age limit would be necessary in all kinds of real estate transactions.

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Can You Take The Real Estate Exam Without Taking Any Classes?

Becoming a Real Estate agent in the United States requires you to take a real estate exam for the state or area where you want to sell real estate. Each state will have some slightly different real estate laws.

By clicking here, you can read more about Can You Take The Real Estate Exam Without Taking Any Classes?

Do Real Estate Agents Get Paid If They Do Not Sell?

Real Estate agents usually get paid on a commission base; they close on the sale of the property, and then they get paid. Some newer payment models have emerged where agents may get a salary instead of taking less commission. Most of the commissions an agent earns will be split between the listing agent, listing broker, buyer’s agent, and buyers broker.

By clicking here, you can read more about Do Real Estate Agents Get Paid If They Do Not Sell?.

Anita Hummel
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