12 Guam Code Ann. § 4904
Terms Used In 12 Guam Code Ann. § 4904
- Contract: A legal written agreement that becomes binding when signed.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Mortgagor: The person who pledges property to a creditor as collateral for a loan and who receives the money.
- Public law: A public bill or joint resolution that has passed both chambers and been enacted into law. Public laws have general applicability nationwide.
(a) “”Affordable housing unit”” shall mean a single family dwelling unit inclusive of land, built in accordance with the Uniform Building Code or its successor codes as adopted by Chapter 67 of Title 21, Guam Code Ann., and in consonance with the Guam zoning and subdivision laws whose selling price meets the criteria set forth in the Guam Economic Development Authority Rules and Regulations pertaining to “”affordable housing”” adopted pursuant to Public Law Number 24-266.
(b) “”Corporation”” shall mean the Guam Housing Corporation created pursuant to § 4101 of Title 12 of the Guam Code Annotated.
(c) “”Residence”” shall mean a single family home, a condominium housing unit or a housing unit owned by a cooperative housing cooperation.
(d) “”Seller”” shall mean the party to the lease-to-own contract who is the seller of the residence.
(e) “”Tenant-Purchaser”” shall mean the prospective person who is a party to the lease-to-own contract.
SOURCE: Subsection (a) amended by P.L. 30-199:21 (Sept. 21, 2010).§ 4905. Lease-to-Own Program; Establishment; Authorization to Participate.
The Guam Housing Corporation (“”Corporation””) is hereby authorized to participate in lease-to-own programs described in this Act. The purpose of a lease-to-own program is to provide mortgage financing for a residence occupied as a primary residence by a prospective mortgagor pursuant to a lease-to-own contract with the owner of such property. The lease-to-own contract shall provide for the eventual purchase by the resident of the residence and an interim lease of the residence prior to the closing of the purchase thereof.