California Military and Veterans Code 987.79 – (a) Except as otherwise provided in subdivision (b), the …
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(a) Except as otherwise provided in subdivision (b), the department may, in the contract of purchase with a veteran, provide that, in the event of default by the veteran and forfeiture of his or her rights under the contract and subsequent sale of the property by the department, it may pay to the veteran any net gain realized by the department upon the sale. The department is the sole judge of the net gain.
(b) The net gain realized by the department upon the sale of a cooperative dwelling unit owned by a limited equity housing cooperative shall be determined in accordance with regulations adopted by the department pursuant to Section 987.93.
Terms Used In California Military and Veterans Code 987.79
- Contract: A legal written agreement that becomes binding when signed.
- Cooperative dwelling unit: means a unit in a development owned by a stock cooperative as defined in subdivision (m) of §. See California Military and Veterans Code 987.53
- department: means the Department of Veterans Affairs. See California Military and Veterans Code 690
(Amended by Stats. 2012, Ch. 396, Sec. 8. (AB 1224) Effective September 20, 2012.)