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don
realtor investor and private lender
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Minor Real-estate contracts - Illinois Law
Monday, March 19 2007 11:12 PM
From: don werby [mailto:dlwent1@comcast.net]
Sent: Sunday, March 18, 2007 10:16 PM
To: jim@midwestrea.com; randy@midwestrea.com
Subject: Land Trusts and our discussion re legal age for signing real-estate contracts in Illinois
Jim & Randy:
Let me first state that I enjoyed the seminar on this subject and increased my respect for your knowledge and skills in presenting important and complicated subjects to your clients and peers.
During the day I made reference to the fact that one must be 21 to negotiate a real-estate contract. I have researched this matter from my text that was used during my class that graduated this past spring and wish to pass this information on to you. It reads as follows:
Validity of Contracts on page 199 of Text entitled Modern Real Estate Practice In Illinois
In Your State
"Illinois law provides that all persons come of "legal age" on their 18th birthday. Contracts entered into by a minor in Illinois are voidable until the minor reaches majority and for a reasonable time afterward. There is no statutory period within which a person may void a contract after reaching a majority in Illinois. What is considered "reasonable" depends on the circumstances of each case, although the courts tend to allow a maximum of six months.
Contracts made by a minor for what the law terms Necessaries include items such as food, clothing, shelter and medical expenses. While a real estate sales contract with a minor probably would not be enforceable in Illinois, leases or rental agreements signed by minors generally are enforceable because short-term housing is usually considered a necessity."
So to summarize: It appears I was correct on the enforceable portion and wrong on the age limit. 500 percent batting not too bad!
Thanks again, and I hope my little research was helpful.
Don L. Werby
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