California Military and Veterans Code ARTICLE 3 - Farm and Home Purchase

• Section 985.
  As used in this article:(a) “Farm” means a tract of land, which, in the opinion of the department, is capable of producing sufficiently to provide a...
• Section 985.1.
  This article may be cited as the Veterans’ Farm and Home Purchase Act of 1943.(Added by Stats. 1943, Ch. 1046.)
• Section 985.2.
  The object of this article is to provide veterans with the opportunity to acquire farms and homes.(Added by Stats. 1943, Ch. 1046.)
• Section 985.3.
  The administration of the provisions of this article is vested in the Department of Veterans Affairs.(Amended by Stats. 1961, Ch. 86.)
• Section 985.4.
  The department shall adopt rules and regulations in keeping with the purpose of this article to establish preferences in the granting of the benefits conferred...
• Section 986.
  The department shall prescribe and determine the qualifications of all veterans. Any person deeming himself a veteran and desiring to benefit hereunder, shall submit to...
• Section 986.01.
  On and after January 1, 1974, all applications for the benefits contained in this article shall be filed with the department within 25 years from...
• Section 986.1.
  (a) If a veteran dies after filing an application for a farm or a home, and the application setting forth the veteran’s eligibility and qualifications is...
• Section 986.2.
  When a veteran has been authorized by the department to select a farm or home, he shall submit his selection in such form as the...
• Section 986.3.
  The department may acquire a farm or home from the owner thereof or may contract with a veteran for the construction of a dwelling house...
• Section 986.31.
  The department may purchase property, subject to a participation contract providing for a loan term of not less than 23 years. In no event shall...
• Section 986.35.
  The department, after consummating a purchase under the provisions of this article and the veteran having occupied the property as required by Section 986.3 of...
• Section 986.36.
  Notwithstanding other provisions of this article relating to the occupancy, leasing, letting, or subletting of a farm or home acquired pursuant to this article, the...
• Section 986.4.
  The department shall not acquire a home under the provisions of this article where the market value of the improvements exceeds the sum of forty-five...
• Section 986.5.
  The purchase price of a home to the department shall not exceed the sum of twenty-five thousand dollars ($25,000), except that the purchase price of...
• Section 986.6.
  The department may acquire a farm in which the veteran to whom such farm is to be sold has theretofore acquired an interest.(Amended by Stats....
• Section 986.7.
  Before the purchase of any property by the department there shall be filed with the department (1) an appraisement of the market value of the...
• Section 986.8.
  The department, before consummating a purchase under the provisions of this article, shall cause the title of the property sought to be purchased to be...
• Section 986.9.
  The department shall then enter into a contract with the veteran for the sale of the property to the veteran. The department shall fix the...
• Section 986.10.a.
  For the purposes of this article any veteran who is under the age of 21 shall be deemed to be of the age of majority...
• Section 987.
  The purchaser shall make an initial payment of at least 10 percent of the selling price of the property, in case of a farm, and...
• Section 987.01.
  The provisions of Section 987, relative to the rate of interest to be charged to veteran purchasers do not apply to assignees of such purchasers...
• Section 987.02.
  (a) Notwithstanding Section 987.01, upon the dissolution of marriage or legal separation of a veteran contract purchaser and the veteran’s spouse, an assignment may be made...
• Section 987.1.
  (a) Except as provided in subdivision (b), the department in each individual case may specify the terms of the contract entered into with the purchaser, but...
• Section 987.2.
  The contract made between the department and the purchaser shall provide that the purchaser maintain the farm or home as the purchaser’s place of residence...
• Section 987.3.
  If the purchaser fails or neglects to pay, satisfy, and discharge at maturity all taxes and assessments, and all other charges and encumbrances which are...
• Section 987.4.
  The department shall be the sole judge of:(a) The legality or validity of taxes, assessments, charges, or encumbrances, and the amount necessary to be paid in...
• Section 987.5.
  In the event of a failure of a purchaser to comply with any of the terms of his contract of purchase, the department may cancel...
• Section 987.6.
  In the event of a forfeiture of a contract of purchase under the provisions of this article, the department may sell or otherwise dispose of...
• Section 987.7.
  The department may, in the contract of purchase with a veteran, provide that, in the event of default by the veteran and forfeiture of his...
• Section 987.8.
  The department may insure and keep insured against fire or other hazards all buildings, fences, other permanent improvements, or crops situated upon any property which...
• Section 987.9.
  If illness or accident prevents a purchaser of a farm from cultivating his farm or harvesting any crop, the department may enter and cultivate the...
• Section 987.10.a.
  When a purchaser dies, indebted to the department under contract of purchase, his rights acquired under this article and such contract shall devolve upon his...
• Section 987.12.
  For the purposes of carrying out the Veterans’ Farm and Home Purchase Act of 1943 the Director of Finance may by executive order authorize the...
• Section 987.14.
  The right to declare a forfeiture for breach of a condition contained in any deed to real property may not be enforced as against the...
• Section 987.15.
  The department shall not acquire a home in which the veteran has an interest of record except in the following instances:(a) Where the application is for...
• Section 987.16.
  (a) Any veteran for whom a farm or home is purchased under this article may be granted a subsequent opportunity to purchase another farm or home...
• Section 987.17.
  The department shall establish the actual interest rate to be paid. To this end the department, by a two-thirds vote of California Veterans Board members...
• Section 987.17a.
  (a) The department shall establish the actual interest rate to be paid. To this end the department, by a two-thirds vote of California Veterans Board members...
• Section 987.25.
  (a) In the event the department enters into a master agreement with one or more insurance companies to provide life insurance coverage for the purchasers of...
• Section 987.30.a.
  The action of a veteran purchaser for damages against any third party does not affect his right of action for all damages against any party...
• Section 987.31.
  This article shall be applicable to all farm and home purchase loans made or entered into prior to the effective date of the legislation adding...

Last modified: October 22, 2018