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Saturday, September 1, 2007
Building a future

Over 18s can now legally deal in property following the introduction of new ‘age of majority’ law, which became effective 1st July 2007. This has important legal implications, especially in the property market where 18-year-olds can now purchase and sell property, and apply for a mortgage bond without the assistance of their legal guardians or parents

Barak Geffen, Executive Director of Sotheby’s International Realty says before the new law persons had to be 21 years old to enter contracts that would be legally binding.
“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.”
He says the change will 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 property 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.

Copyright © Insurance Times and Investments® Vol:20.8 1st September, 2007
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