Definitions. As used in this chapter, the following terms shall have the following meanings:
(1) ACCOUNT HOLDER. A first-time and second chance home buyer who establishes, individually or jointly with another first-time and second chance home buyer, a first-time and second chance home buyer savings account.
(2) ALLOWABLE CLOSING COSTS. A disbursement listed on a settlement statement for the purchase of a single-family residence in Alabama by a first-time and second chance home buyer.
(3) DEPARTMENT. Alabama Department of Revenue.
(4) ELIGIBLE COSTS. The down payment and allowable closing costs for the purchase of a single-family residence in Alabama by a first-time and second chance home buyer. Eligible costs do not include any costs incurred prior to the establishment of a first-time and second chance home buyer savings account.
(5) FINANCIAL INSTITUTION. Any bank, savings institution, industrial loan association, credit union, or other similar entity authorized to do business and accept deposits in Alabama.
(6) FIRST-TIME AND SECOND CHANCE HOME BUYER. An individual who resides in Alabama and has not owned or purchased, either individually or jointly, a single-family residence during a period of ten years prior to the date of the purchase of a single-family residence.
(7) FIRST-TIME AND SECOND CHANCE HOME BUYER SAVINGS ACCOUNT or ACCOUNT. An account with a financial institution created for the purpose of payment or reimbursement of eligible costs for the purchase of a single-family residence in Alabama by a first-time and second chance home buyer and designated by the financial institution upon its creation as a first-time and second chance home buyer savings account.
(8) SETTLEMENT STATEMENT. The statement of receipts and disbursements for a transaction related to real estate, including a statement prescribed under the Real Estate Settlement Procedures Act of 1974, 12 U.S.C. §2601 et seq., as amended, and regulations thereunder.
(9) SINGLE-FAMILY RESIDENCE. A single-family residence owned and occupied by a first-time and second chance home buyer as the first-time and second chance home buyer's principal residence, which may also include a manufactured home, trailer, mobile home, condominium unit, or cooperative.
Last modified: May 3, 2021