Kansas Statutes 58-4902. Definitions
Terms Used In Kansas Statutes 58-4902
- Appraisal: A determination of property value.
- Contract: A legal written agreement that becomes binding when signed.
- Mobile home: means a structure which:
(1) Is transportable in one or more sections which, in the traveling mode, is 8 body feet or more in width and 36 body feet or more in length and is built on a permanent chassis and designed to be used as a dwelling, with or without a permanent foundation, when connected to the required utilities, and includes the plumbing, heating, air conditioning and electrical systems contained therein; and
(2) is not subject to the federal manufactured home construction and safety standards established pursuant to 42 U. See Kansas Statutes 77-201
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- National Bank: A bank that is subject to the supervision of the Comptroller of the Currency. The Office of the Comptroller of the Currency is a bureau of the U.S. Treasury Department. A national bank can be recognized because it must have "national" or "national association" in its name. Source: OCC
- Property: includes personal and real property. See Kansas Statutes 77-201
- Residence: means the place which is adopted by a person as the person's place of habitation and to which, whenever the person is absent, the person has the intention of returning. See Kansas Statutes 77-201
- Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
- State: when applied to the different parts of the United States, includes the District of Columbia and the territories. See Kansas Statutes 77-201
As used in the first-time home buyer savings account act:
(a) “Account” or “first-time home buyer savings account” means an individual savings account established in accordance with the provisions of this act.
(b) “Account holder” means an individual who establishes an account that is designated as a first-time home buyer savings account pursuant to the provisions of Kan. Stat. Ann. 2023 Supp. 58-4903, and amendments thereto, with a financial institution.
(c) “Designated beneficiary” means the individual designated by an account holder pursuant to the provisions of Kan. Stat. Ann. 2023 Supp. 58-4903, and amendments thereto, as the individual whose eligible expenses are expected to be paid from the account for the purchase or construction of a primary residence in this state.
(d) “Eligible expenses” means a down payment and any closing costs that may be included as part of a real estate settlement agreement, including, but not limited to, appraisal fees, mortgage origination fees and inspection fees or any down payment, costs and fees that may be included as part of financing the construction of a primary residence.
(e) “Financial institution” means any state bank, state trust company, savings and loan association, federally chartered credit union doing business in this state, credit union chartered by the state of Kansas, national bank, broker-dealer, mutual fund, insurance company or other similar financial entity qualified to do business in this state.
(f) “First-time home buyer” means an individual who:
(1) Has never owned or purchased under contract for deed, either individually or jointly, a single-family, owner-occupied primary residence including, but not limited to, a condominium unit or a manufactured or mobile home that was assessed and taxed as real property; or
(2) as a result of the individual’s dissolution of marriage, has not been listed on a property title for at least three consecutive years.
(g) “Secretary” means the secretary of revenue.