Missouri Laws 443.1003 – Definitions
As used in sections 443.1001 to 443.1007, the following terms mean:
(1) “Account holder”, an individual who establishes an account with a financial institution that is designated as a first-time home buyer savings account in accordance with section 443.1004;
Terms Used In Missouri Laws 443.1003
- Appraisal: A determination of property value.
- Contract: A legal written agreement that becomes binding when signed.
- Deed: The legal instrument used to transfer title in real property from one person to another.
- following: when used by way of reference to any section of the statutes, mean the section next preceding or next following that in which the reference is made, unless some other section is expressly designated in the reference. See Missouri Laws 1.020
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- National Bank: A bank that is subject to the supervision of the Comptroller of the Currency. The Office of the Comptroller of the Currency is a bureau of the U.S. Treasury Department. A national bank can be recognized because it must have "national" or "national association" in its name. Source: OCC
- Property: includes real and personal property. See Missouri Laws 1.020
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
- State: when applied to any of the United States, includes the District of Columbia and the territories, and the words "United States" includes such district and territories. See Missouri Laws 1.020
(2) “Department”, the department of revenue;
(3) “Eligible expenses”, a down payment and any closing costs included on a real estate settlement statement including, but not limited to, appraisal fees, mortgage origination fees, and inspection fees;
(4) “Financial institution”, any state bank, state trust company, savings and loan association, federally chartered credit union doing business in this state, credit union chartered by the state of Missouri, national bank, broker-dealer, mutual fund, insurance company, or other similar financial entity qualified to do business in this state;
(5) “First-time home buyer”, an individual who:
(a) Has never owned or purchased under contract for deed, either individually or jointly, a single-family, owner-occupied primary residence including, but not limited to, a condominium unit or a manufactured or mobile home that was assessed and taxed as real property; or
(b) As a result of the individual’s dissolution of marriage, has not been listed on a property title for at least three consecutive years;
(6) “First-time home buyer savings account” or “account”, an account with a financial institution designated as such in accordance with subsection 1 of section 443.1004;
(7) “Qualified beneficiary”, a first-time home buyer designated by an account holder for whose eligible expenses the moneys in a first-time home buyer savings account are or will be used.