Contracts
Under Pennsylvania law, a minor who purchases real estate:
ACannot own real estate under any circumstances
BMay enter into a real estate contract but can disaffirm it upon reaching majority✓ Correct
CIs bound by the contract as if an adult
DMust have a court-appointed guardian sign all real estate documents
Explanation
A minor (under 18 in Pennsylvania) lacks full contractual capacity. A minor may enter into a real estate contract but can disaffirm (void) it within a reasonable time after reaching majority.
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Key Terms to Know
Option Contract
A contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
Right of First RefusalA contractual right giving a party the opportunity to match any offer received before the owner can accept it from a third party.
Earnest MoneyA deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
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