Texas Government Code Chapter 2306 > Subchapter II – Multifamily Housing Developments: Preservation of Affordability

Contract: A legal written agreement that becomes binding when signed.
Devise: To gift property by will.
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}
Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
Intestate: Dying without leaving a will.
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}
Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
Person: includes corporation, organization, government or governmental subdivision or agency, business trust, estate, trust, partnership, association, and any other legal entity. See Texas Government Code 311.005
Property: means real and personal property. See Texas Government Code 311.005
Rule: includes regulation. See Texas Government Code 311.005
United States: includes a department, bureau, or other agency of the United States of America. See Texas Government Code 311.005
Written: includes any representation of words, letters, symbols, or figures. See Texas Government Code 311.005
Year: means 12 consecutive months. See Texas Government Code 311.005

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