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Aug 15, 2007:
Now 18-year-olds can legally purchase or sell property or apply for a mortgage bond without the assistance of their legal guardians or parents, thanks to new ‘age of majority’ law enacted this month
Barak Geffen, Executive Director of Sotheby’s International Realty says in the past one had to be 21 years old to legally contract, but this has changed since 1 July 2007.
“This could have implications - especially when it comes to property transactions – as an 18-year-old was in the past regarded as a minor with limited legal capacity.
“There used to be conflicting pieces of legislation dealing with children and the age of majority, but this has been clarified by the implementation of the relevant sections of the Children’s Act and the repeal of the Age of Majority Act – which had set majority at 21 years.”
Geffen says the change would largely be reflected in the increase in property purchases by the affluent segment of the market, where guardians or parents from wealthy households facilitate their children’s homeownership transactions by kick-starting their home acquisitions at an even earlier age.
The law does not affect actions by minors that were in the past considered to be legal, like the creation of a will by a 16-year-old or where a 14 year old - who is deemed competent - can give evidence in a court of law.
