Glossary

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Competent
In order for a buyer, also known as the grantee, to enter into a real estate contract with a seller, also known as the grantor, the buyer must be legally competent. This means the buyer is legally fit in the eyes of the law and the local government to enter into said contract. This means the buyer must be of legal age in the jurisdiction where the home is being bought and must have the legal ability to enter into the contract. If a court decides that a person is not legally competent to purchase the property, that person may attempt to seek out a legal guardian that will enter into the contract on their behalf. This is most often done if the buyer is a minor. The legal guardian is then also responsible for the contract if the buyer who was ruled incompetent defaults on the payments.