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 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 of a purchase contract; or (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 that was permanently affixed to real property owned by the loan applicant constitutes a Present Ownership Interest in a Principal Residence.
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Examples of Present Ownership Interest in a sentence

  • The earnest money of non-qualifying tenderers will be returned back within a reasonable period after completion of results of Technical bid.

  • 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.

  • 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.

  • 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.

  • 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.

  • There are no persons who have or who are expected to have a Present Ownership Interest in the Residence following execution of the Mortgage who have not executed this affidavit or one substantially the same as this affidavit.

  • According to County staff, individuals, even if they receive Section 8 certificates, are defined by the Present Ownership Interest Statue as “tenant shareholders with an interest,” because they may claim mortgage interest on their taxes.

  • 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.

  • 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.


More Definitions of Present Ownership Interest

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.
Sample 1
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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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 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.
Sample 1

Related to Present Ownership Interest

  • Applicable Ownership Interest means, with respect to the Treasury portfolio,

  • Indirect Ownership Interest means an ownership interest in an entity that has an ownership interest in another entity. Indirect ownership interest includes an ownership interest in an entity that has an indirect ownership interest in another entity.

  • Residual Ownership Interest Any record or beneficial interest in the Class R Certificates.

  • Ownership Interests means, with respect to any entity, any ownership interests in the entity and any economic rights (such as a right to distributions, net cash flow or net income) to which the owner of such ownership interests is entitled.

  • Beneficial Ownership Interest means the right to receive payments and notices with respect to the Bonds held in a Book Entry System.

  • Ownership Interest As to any Certificate, any ownership or security interest in such Certificate, including any interest in such Certificate as the Holder thereof and any other interest therein, whether direct or indirect, legal or beneficial, as owner or as pledgee.

  • Continuing ownership interest means ownership of or entitlement to more than twenty five per cent of shares or capital or profits of the company;

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

  • Class A Membership Interest means a Class A Membership Interest in Holdings.

  • Partnership Interest means an interest in the Partnership, which shall include the General Partner Interest and Limited Partner Interests.

  • Class B Membership Interest means a Class B Membership Interest in Holdings.

  • Membership Interest means a Member’s entire interest in the Company including such Member’s right to receive allocations and distributions pursuant to this Agreement and the right to participate in the management of the business and affairs of the Company in accordance with this Agreement, including the right to vote on, consent to, or otherwise participate in any decision or action of or by the Members granted pursuant to this Agreement.

  • Membership Interests has the meaning set forth in the recitals.

  • Voting Interest With respect to any provisions hereof providing for the action, consent or approval of the Holders of all Certificates evidencing specified Voting Interests in the Trust Estate, the Holders of each Class of Certificates will collectively be entitled to the then applicable percentage of the aggregate Voting Interest represented by all Certificates equal to the ratio obtained by dividing the Principal Balance of such Class by the sum of the Class A Principal Balance and the Class B Principal Balance. Each Certificateholder of a Class will have a Voting Interest equal to the product of the Voting Interest to which such Class is collectively entitled and the Percentage Interest in such Class represented by such Holder's Certificates. With respect to any provisions hereof providing for action, consent or approval of each Class of Certificates or specified Classes of Certificates, each Certificateholder of a Class will have a Voting Interest in such Class equal to such Holder's Percentage Interest in such Class.

  • Economic Interest means a Person’s right to share in the income, gains, losses, deductions, credits, or similar items of the Company, and to receive Distributions from the Company, but excluding any other rights of a Member, including the right to vote or to participate in management, or, except as may be provided in the Act, any right to information concerning the business and affairs of the Company.

  • Limited Partnership Interest means the ownership interest of a Limited Partner in the Partnership at any particular time, including the right of such Limited Partner to any and all benefits to which such Limited Partner may be entitled as provided in this Agreement and in the Act, together with the obligations of such Limited Partner to comply with all the provisions of this Agreement and of the Act.

  • Common ownership means that more than 50% of the voting control of each member of a combined group is directly or indirectly owned by a common owner or owners, either corporate or non-corporate, whether or not the owner or owners are members of the combined group. Whether voting control is indirectly owned shall be determined in accordance with section 318 of the federal Internal Revenue Code, 26 U.S.C. s.318.

  • Derivative Partnership Interests means any options, rights, warrants, appreciation rights, tracking, profit and phantom interests and other derivative securities relating to, convertible into or exchangeable for Partnership Interests.

  • Transferred Interests has the meaning set forth in the Recitals.

  • 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.

  • Beneficial Ownership Rule means 31 C.F.R. § 1010.230.

  • Class R-3 Interest The uncertificated Residual Interest in REMIC 3.

  • Class R-1 Interest The uncertificated Residual Interest in REMIC 1.

  • Partnership Interests shall have the meaning specified in Section 6.3 [Subsidiaries].