California Codes > Public Resources Code > Division 4 > Part 2 > Chapter 9 > Article 2 – Definitions
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Terms Used In California Codes > Public Resources Code > Division 4 > Part 2 > Chapter 9 > Article 2 - Definitions
- Appraisal: A determination of property value.
- Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
- Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Capitalized operating subsidy reserve: means funds that are set aside before a property is acquired pursuant to this chapter to cover the property's operating expenses over time. See California Health and Safety Code 50720.4
- 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.
- County: includes city and county. See California Health and Safety Code 14
- Department: means the Department of Housing and Community Development. See California Health and Safety Code 50720.4
- Director: means "State Director of Health Services. See California Health and Safety Code 21
- Ex officio: Literally, by virtue of one's office.
- 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
- Foreclosure risk intervention sale: means a sale of a 1 to 25 unit residential real property that is not owner occupied and that exhibits indicators of foreclosure risk at the time of sale including, but not limited to, the following:
California Health and Safety Code 50720.4
- 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
- Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Preforeclosure intervention sale: means a sale of a 1 to 25 unit residential real property that is subject to a recorded notice of default by a trustee representing a beneficiary at the time of the sale. See California Health and Safety Code 50720.4
- Program: means the Foreclosure Intervention Housing Preservation Program. See California Health and Safety Code 50720.4
- Property acquisition costs: means direct real property acquisition costs such as payment of the purchase price and any liens on eligible properties in addition to repairs required to ensure a property and its structures are in compliance with all applicable habitability, health, and safety laws. See California Health and Safety Code 50720.4
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- State: means the State of California, unless applied to the different parts of the United States. See California Health and Safety Code 23
- Transaction costs: means costs related to acquiring a property, which may include property appraisal, transfer taxes, financing costs, underwriting, project management, broker fees, and legal fees. See California Health and Safety Code 50720.4
- Trustee: A person or institution holding and administering property in trust.