Present Ownership Interest definition

Present Ownership Interest means (i) a fee simple interest; (ii) a joint tenancy, a tenancy in common, or tenancy by the entirety; (iii) the interest of a tenant shareholder in a cooperative; (iv) a life estate; (v) a land contract (i.e., a contract pursuant to which possession and the benefits and burdens of ownership are transferred although legal title is not transferred until some later time); and (vi) an interest held in trust for a person (whether or not created by such person) that would constitute a present ownership interest if held directly by such person. The term “Present Ownership Interest” does not include (i) a remainder interest; (ii) a lease with or without an option to purchase; (iii) a mere expectancy to inherit an interest in a Principal Residence; (iv) the interest that a purchaser of a Residence acquires on the execution
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Present Ownership Interest means all forms of ownership interests other than (i) a remainder interest; (ii) a lease without an option to purchase or a lease with an option to purchase at fair market value at time of purchase; (iii) a mere expectancy to inherit an interest in a principal residence; (iv) the interest that a purchaser of a residence acquires on the execution of a purchase contract; and (v) an interest other than an interest in a principal residence during the previous three years. A Present Ownership Interest in a mobile home or other factory-made housing, whether taxed as personal or real property, constitutes a Present Ownership Interest in a principal residence and, if such interest was owned within the three-year period, the loan applicant would not meet the three-year requirement.
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Present Ownership Interest means: (i) a fee simple interest; (ii) a joint tenancy, a tenancy in common, or tenancy by the entirety; (iii) the interest of a tenant-shareholder in a cooperative; (iv) a life estate; (v) a land contract (i.e., a contract pursuant to which possession and the benefits and burdens of ownership are transferred although legal title is not transferred until some time later); and (vi) an interest held in trust for a person (whether or not created by such person) that would constitute a present ownership interest if held directly by such person. The term “Present Ownership Interest” does not include: (i) a remainder interest; (ii) a lease with or without an option to purchase; (iii) a mere expectancy to inherit an interest in a Principal Residence; (iv) the interest that a purchaser of a Qualified Residence acquires on the execution of a purchase contract; and (v) an interest in other than a Principal Residence during the previous 3 years.
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Examples of Present Ownership Interest in a sentence

  • Each such person must not have had a Present Ownership Interest in a principal residence at any time during the three-year period prior to the date on which Mortgage is executed.

  • Present Ownership Interest: Any present ownership interest in real property as described in section 4, including without limitation those interests listed in said section 4.

  • A person who is liable under the Mortgage Note secured by Mortgage but who does not have a Present Ownership Interest in the residence subject to Mortgage need not meet the three-year requirement.

  • With respect to House Key Program Mortgage Loans only, except with respect to Single-Family Residences located in a Targeted Area, each person executing the Mortgage Note (which may be cosigned by a person who is not a First-Time Homebuyer and who does not execute Mortgage) and to whom financing is provided by the Mortgage Note and each person acquiring a Present Ownership Interest in the property must be a First-Time Homebuyer.

  • Examples of interest which do not constitute "Present Ownership Interest" include: (i) A remainder interest.

  • The three-year requirement does not apply for residences being financed in "targeted areas.” See Section 2.2 for "targeted area" information.• Present Ownership Interest includes:o A fee simple interest.o A joint tenancy, a tenancy in common, or a tenancy by the entirety.o The interest of a tenant shareholder in a cooperative.o A life estate.o A land contract, under which possession and the benefits and burdens of ownership are transferred, although legal title is not transferred until some later time.

  • The three-year requirement does not apply for residences being financed in "targeted areas.” See Section 2.2, for "targeted area" information.• Present Ownership Interest includes:o A fee simple interest.o A joint tenancy, a tenancy in common, or a tenancy by the entirety.o The interest of a tenant shareholder in a cooperative.o A life estate.

  • ExceptWith respect to House Key Program Mortgage Loans only, except with respect to Single- Family Residences located in a Targeted Area, each person executing the Mortgage Note (which may be cosigned by a person who is not a First-Time Homebuyer and who does not execute Mortgage) and to whom financing is provided by the Mortgage Note and each person acquiring a Present Ownership Interest in the property must be a First-Time Homebuyer.

  • Present Ownership Interest: Examples Examples of Ownership Interests include; 1.

  • The three-year requirement also does not apply when using a Virginia Housing non-bond program.• Present Ownership Interest includes:o A fee simple interest.o A joint tenancy, a tenancy in common, or a tenancy by the entirety.


More Definitions of Present Ownership Interest

Present Ownership Interest means all forms of ownership interests other than (a) a lease, with or without a purchase option, (b) the interest of a buyer under a standard residential purchase contract, (c) an expectancy to inherit property, and (d) a remainder interest.
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Present Ownership Interest means that no member of the household had an “interest in the home” including title to the home or any lease or other right to occupy the home. It does not include the right to purchase title to the residence under a lease-purchase agreement.
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Present Ownership Interest does not include: (i) a remainder interest; (ii) a lease with or without an option to purchase; (iii) a mere expectancy to inherit an interest in a Principal Residence; (iv) the interest that a purchaser of a Qualified Residence acquires on the execution of a purchase contract; and (v) an interest in other than a Principal Residence during the previous 3 years.
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Present Ownership Interest means holding title, in whole or in part, to a residence, or ownership, in whole or in part, of membership shares in a cooperative. "Present ownership interest" in a residence does not include the right to purchase title to the residence under a lease-purchase agreement.
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Present Ownership Interest means (i) a fee simple interest; (ii) a joint tenancy, a tenancy in common, or tenancy by the entirety; (iii) the interest of a tenant shareholder in a cooperative; (iv) a life estate; (v) a land contract (i.e., a contract pursuant to which possession and the benefits and burdens of ownership are transferred although legal title is not transferred until some later time); and (vi) an interest held in
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Related to Present Ownership Interest

  • Ownership Interests means, with respect to any Person, all of the shares of Capital Stock of such Person and all debt securities of such Person that can be converted or exchanged for Capital Stock of such Person, whether voting or nonvoting, and whether or not such Capital Stock or debt securities are outstanding on any date of determination.

  • Controlling ownership interest means ownership of or entitlement to more than twenty-five percent of shares or capital or profits of the company;

  • Beneficial Ownership shall have the meanings set forth in Rule 13d-3 promulgated under the Exchange Act (as defined below) as in effect on the date hereof.

  • Participating Interest is defined in Section 1.2(d) hereof.

  • Working Interest means an interest in oil and/or gas in the unit area by virtue of a lease, operating agreement, fee title, or otherwise, including a carried interest, the owner of which is obligated to pay, either in cash or out of production or otherwise a portion of the unit expense.