Section 987.69 Of Article 3.1. Veterans’ Farm And Home Purchase Act Of 1974 From California Military And Veterans Code >> Division 4. >> Chapter 6. >> Article 3.1.
987.69
. 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 selling price of the property as the purchase price
thereof, as the total cost of improvements constructed, or as the
value of the property, as determined by the department when the
property is acquired by the department in a manner other than by
purchase, to which the department may add all expenses incurred and
estimated to be incurred by the department in relation thereto,
inclusive of interest, administration, appraisals, examination of
title, insurance premiums, mortgage guaranty fees, origination fees,
incidental expenses, and the sum deemed necessary to meet unforeseen
contingencies. In the case of real property acquired for the purpose
of constructing improvements thereon, the department shall forthwith
after acquiring that real property enter into the contract with the
veteran authorized by this section at a selling price that does not
exceed the department's appraised value of the land, if the loan is
to include the value of the land, and the amount of the department's
appraised value of the improvements to be constructed thereon and any
of the other additions herein authorized. After the execution of the
contract between the veteran and the department and the making of
the initial payment thereon the department shall be authorized to pay
the cost of the improvements contracted to be constructed on the
real property, making progress payments thereon in the amounts and at
those times that the department approves. The department shall, upon
written request of the veteran and his or her contractor, have
authority to approve additions to or deletions from the improvements
contracted to be constructed and any savings affected or added cost
incurred shall be deducted from or added to the amount due the
department by the veteran under the terms of his or her contract.
The department may establish provisions under regulations adopted
by the department pursuant to Section 987.93 with respect to
cooperative dwelling units in lieu of, or in addition to, those set
forth in this section.
Where the department enters into a contract for the sale of
property on trust to an Indian veteran, the contract shall include
the following conditions:
(a) The dwelling house or other improvements contracted to be
constructed on trust land shall be completed in compliance with the
standards of the building code applicable on the trust land. If there
is no building code in force on the trust land, the applicable
standards shall be those of the building code of the county in which
the trust land is located.
(b) On the completion of construction, the Indian veteran shall
provide to the department an inspection certificate from a qualified
building inspector certifying that the dwelling house or other
improvements comply with the standards of the building code as
required by subdivision (a).