New law to allow 18-year-olds to buy property in Mississippi
BAY ST. LOUIS, Miss. (WLOX) - There’s exciting news for young people across Mississippi. A new ruling will allow 18-year-olds to buy a home in the state.
Contrary to most of the United States, Mississippi is one of three states where the age requirement is currently above 18 to purchase property. Mississippi’s minimum requirement for buyers is 21. Nebraska and Alabama both require an age limit of 19.
Beginning July 1, it will be legal for 18-year-olds to purchase, sell, or invest in property in the Magnolia State.
This means they can enter into binding contractual agreements pertaining to mortgages, real and personal property.
The revision to the legislation is to help simplify the process for minors listed on deeds with property rights attached.
WLOX spoke with Latter & Blum realtor Phillip Sutton to discuss the next steps for potential young buyers.
“To start the process, I would recommend choosing your realtor,” Sutton said. “I would also advise you to interview multiple realtors to pick the perfect match for you. The second step would be to choose your mortgage company. Your realtor can help you with that and help you get pre-qualified if you meet those conditions. The next step after you get your pre-qualification is the fun part. That’s when we start touring your homes.”
Sutton and many other realtors believe this change will give young people a great chance to build generational wealth early.
“I think this is a great opportunity for individuals between 18-20 years old,” he said.” Again, not only to buy and sell, but you’re able to invest your money at an early age, which can pay off down the line, and create wealth again at an early age.”
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