Contracts
Under Virginia law, a minor (under age 18) who signs a real estate contract may:
ANever enter into a valid real estate contract
BDisaffirm the contract at any time before reaching majority✓ Correct
CBe held to the contract if a parent co-signs
DOnly purchase property through a guardian
Explanation
Contracts with minors are voidable by the minor — the minor can disaffirm (void) the contract at any time before or shortly after reaching the age of majority. An adult party cannot void it.
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Key Terms to Know
Earnest Money
A 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.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
Option ContractA contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
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