As used in this article, ” dwelling” means any of the following units which are owned by a signatory to the mortgage or deed of trust secured by the dwelling unit at the time of execution of the mortgage or deed of trust:

(a) A single dwelling unit in a condominium or cooperative.

Terms Used In California Business and Professions Code 10240.2

  • Deed: The legal instrument used to transfer title in real property from one person to another.
  • deed of trust: as used in this part includes "mortgage. See California Business and Professions Code 10028
  • dwelling: means any of the following units which are owned by a signatory to the mortgage or deed of trust secured by the dwelling unit at the time of execution of the mortgage or deed of trust:

    California Business and Professions Code 10240.2

  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.

(b) Any parcel containing only residential buildings if the total number of units on the parcel is four or less.

(Added by Stats. 1985, Ch. 1355, Sec. 6.)

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