Legal Age
Definition of "Legal age"
The age at which one is legally capable of entering into binding contracts, signing a deed and negotiating business agreements. In most states this is the age of majority. Normally this is the age of 18. However, for certain activities, such as drinking alcoholic beverages, the age could be higher or lower in the case of qualifying to obtain a driver's license. A contract, deed, or business agreement is not valid when signed by a minor.
Popular Real Estate Terms
Judicially determined minimum selling price for auctioned property. For example, a judge rules that a foreclosed home may be sold for less than $200,000, ...
All expenses related to maintaining and operating a household. These expenses include the cost of rent or mortgage payments, taxes, utilities, maintenance and structural improvements. The ...
There’s no mystery. The actual age of a property is the chronological age of a property. Say a house was built two decades ago. That house’s actual age is 20 years old.The ...
Arrangement the insured and insurer share on a proportional payment for a loss. ...
Amount awarded by a government when a person's property is condemned and he must move. ...
In appraisal jargon, property currently being appraised. ...
Legal proceeding to exercise a right in a disagreement between private individuals or businesses. One party seeks a remedy against the other. It does not involve a criminal situation. ...
Dry ravine formed by water runoff. ...
In an electrical system, the connection box where all the circuit systems are installed with a series of electrical breakers. The major distribution or collection duct in an ...
Have a question or comment?
We're here to help.