Dementia and Contracts: Legal Ramifications

[Gary F.]

Typical scenario. Old man original owner of a house in the shambles. Trash and rat infested backyard. Complaints from neighbors. Weeds growing. Bare walls with exposed studs. Never upgraded since 1972. $7k property tax liens. He can’t take care of the property much less himself. He’s interested in selling to me. But his mental health is at issue. He has poor memory and health. If he signs a contract but it’s found later that he has dementia or other cognitive issues what are the legal ramifications? I’m assuming it would void the contract.