Terms Used In California Codes > Health and Safety Code > Division 31 > Part 2 > Chapter 10 - Homeownership Assistance

• Contract: A legal written agreement that becomes binding when signed.
• County: includes city and county. See California Health and Safety Code 14
• Deed: The legal instrument used to transfer title in real property from one person to another.
• Donor: The person who makes a gift.
• Dwelling unit: includes a space in a mobilehome park, as defined in Section 18214, and includes a mobilehome rented with the space. See California Health and Safety Code 50775
• Entitlement: A Federal program or provision of law that requires payments to any person or unit of government that meets the eligibility criteria established by law. Entitlements constitute a binding obligation on the part of the Federal Government, and eligible recipients have legal recourse if the obligation is not fulfilled. Social Security and veterans' compensation and pensions are examples of entitlement programs.
• Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
• Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. ^{Source: OCC}
• Grantor: The person who establishes a trust and places property into it.
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
• Owner: includes any individual, partnership, corporation, or association. See California Public Resources Code 4712
• Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
• Persons and families of low or moderate income: includes very low income households, as defined in Section 50105, extremely low income households, as defined in Section 50106, and lower income households as defined in Section 50079. See California Health and Safety Code 50093
• State: means the State of California, unless applied to the different parts of the United States. See California Health and Safety Code 23