12 Guam Code Ann. § 4909
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Terms Used In 12 Guam Code Ann. § 4909
- 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.
- Escrow: Money given to a third party to be held for payment until certain conditions are met.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
(a) Disbursement of Escrow Account. At the closing of the transfer of title to the residence to the Tenant-Purchaser to the lease-to-own contract, the Corporation shall disburse the escrow amount to or for the account of the Tenant-Purchaser.
(b) Insurance. At such closing the Corporation may require the Tenant-Purchaser to furnish private mortgage insurance if such insurance is required in the case of other mortgage loans under this Title. If such insurance is not obtainable in the private market at the time of such closing, the Corporation is authorized to issue such insurance.