(e); — Guam Code § 4703

§ 4703. (e);

(d) Completed for completion of an eligible

transaction: see § 4703(f);

(e) Comprehensive home building contract means a

contract under which a builder undertakes to build a home

on land, from the inception of the building work to the point

COL9/7/2021

where the home is ready for occupation; and if, for any

reason, the work to be carried out under such a contract is

not completed, includes any further contract under which

the work is to be completed;

(f) Construction cost means the final and total amount

paid, or to be paid, by a homeowner for the construction of

a home, and shall include all monies paid for labor and

material, contractor’s fees, fees of an architect and engineer,

survey costs, utility hook-up costs, broker’s commissions,

and attorney’s fees;

(g) Down payment means the equity requirements of

the homeowner needed to initiate the mortgage for the

purchase or construction of a home. It shall include points

and fees charged by the financial institution;

(h) Eligibility criteria: see § 4703(b);

(i) Eligible transaction: see § 4703(d);

(j) Family means two (2) or more persons related by

blood, adoption, or marriage, living together in a household;

(k) First-time Homeowner means any individual or

family who has not had any ownership interest in a home

within the five (5) years preceding the commencement date

of an eligible transaction for which the First-time

Homeowner is applying;

(l) Financial institution means any financial institution

authorized to make mortgage loans on Guam, as approved

by the GHC;

(m) Full-time basis means the minimum of twelve (12)

or more credit hours per semester or quarter equivalent to

twelve (12) semester hours, for degree-seeking

undergraduate or graduate studies; for vocational schools,

the minimum credits or hours or its equivalent per, semester

or quarter or equivalent term, necessary for the school to

certify full-time status;

(n) Home means a permanent, single family dwelling,

or single family condominium or town house, but does not

COL9/7/2021

include semi-permanent dwellings made of wood and tin,

and is to be physically occupied by the homeowner on a

regular and continuous basis and in which the homeowner

intends to exclusively reside;

(o) Natural Person means a human being.

(p) Land costs means costs to purchase land toward the

construction of a home;

(q) Off-island institution of higher education means a

United States Department of Education accredited

vocational school, or college or university not physically

located in Guam;

(r) Occupancy requirement means the requirement that

an applicant for First-time Homeowner Assistance must

occupy the home to which the application relates as the

applicant’s principal place of residence within six (6)

months after the completion of the eligible transaction;

(s) Owner means having absolute dominion (as defined

in 21 GCA, Chapter 1, § 1211) over land or a home;

(t) Assistance means the financial assistance granted to

First-time Homeowners established under this Act;

(u) Spouse is the person who is legally married to the

applicant.