California Military and Veterans Code § 987.53

As used in this article: (a) “Farm” means a tract of land, which, in the opinion of the department, is capable of producing sufficient income to provide payment of the amortized contract installments, including principal, interest, and taxes. (b) “Home” means a parcel of real estate upon which there is a dwelling house and other buildings that will, in the sole opinion of the department, meet or exceed industry health and safety standards. “Home” includes all of the following: (1) A condominium as defined in subdivision (h). (2) A mobilehome as defined in subdivision (k). (3) A residence with two to four units, inclusive, that satisfies the requirements of Section 143(k)(7) of the Internal Revenue Code where at least one unit is occupied by a veteran and their family. (4) A cooperative dwelling unit as defined in subdivision (s). (c) “Purchaser” means a veteran or any person who has entered into a contract of purchase of a farm or home from the department. (d) “Purchase price” means the price that is paid for the acquisition of any farm or home. (e) “Selling price” means the price for which any farm or home is sold. (f) “Initial payment” means the first payment to be made by a purchaser to the department or the seller for a farm or home. (g) “Progress payment plan” means payment by the department for improvements on real property in installments as work progresses. (h) “Condominium” means an estate in real property consisting of an undivided interest in common in a portion of a parcel of real property together with a separate interest in space in a residential building on the real property, such as an apartment, which, in the sole opinion of the department, meets minimum property standards as defined by the department. A condominium may include, in addition, a separate interest in other portions of the property. (i) “Effective rate of interest” means the average rate of interest on the unpaid balance due on a participation contract to which the department’s legal rights are subject, and the rate of interest on the unpaid balance of the purchase price, as determined by the department. (j) “Participation contract” means an obligation secured by a deed of trust or mortgage, or other security interest, to include, but not be limited to, mortgage-backed securities, established pursuant to regulations of the department. (k) “Mobilehome” means either a parcel of real estate, or an undivided interest in common in a portion of a parcel of real property, on which is sited one or more mobilehome modules, or a site in a mobilehome park, as defined in Section 18214 of the Health and Safety Code, on which one or more mobilehome modules are sited or are to be sited that will, in the sole opinion of the department, meet minimum property standards as defined by the department and meet all requirements of local governmental jurisdictions. However, where the mobilehome module or modules are sited on trust land, “local governmental jurisdictions” means the tribal governing body. For purposes of this subdivision, “module” means a section of a mobilehome at least 10 feet wide and at least 40 feet long. (l) “Indian veteran” means a veteran, as defined in Section 980, who, in addition, either belongs to an Indian tribe, band, group, reservation, rancheria, or community which is recognized by the United States as eligible for services from the United States Bureau of Indian Affairs or is an Indian beneficiary and who is eligible under this article for purchase by the department of a home or farm sited on trust land. (m) “Trust land,” with respect to an Indian veteran, means land held in trust by the United States government for individual Indians, Indians who belong to Indian tribes, or Indian tribes. (n) “Allotment trust land” means land held by the United States under the Indian General Allotment Act of 1887, as amended, (Chapter 9 (commencing with Section 331) of Title 25 of the 

‹ Prev All California sections Next ›

Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.