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8 First Time Home Buyers’ Program—obligations Of Transferee

In This Volume

8 (1) A transferee who has applied for an exemption under section 5 or 6 or a refund under section 7 must establish a qualifying residence on the property within the meaning of subsection (2) of this section.

  • (2) For the purposes of subsection (1), a transferee establishes a qualifying residence on a property if, on the registration date,
  • (a) the property contains a residential improvement that the transferee inhabits as the transferee’s principal residence
    • (i) beginning on a date that is not more than 92 days after the registration date, and
    • (ii) continuing to a date that is not earlier than the first anniversary of the registration date, or
  • (b) the property does not contain a residential improvement but, before the first anniversary of the registration date, there is established on the property a residential improvement
    • (i) that the transferee inhabits as the transferee’s principal residence
      • (A) beginning at the time it is completed, and
      • (B) continuing to a date that is not earlier than the first anniversary of the registration date, and
    • (ii) if the total costs incurred to establish the improvement, when added to the fair market value of the property at the registration date, do not exceed the sum of the qualifying value of the property and $25,000.

1987-15-3.24; 1994-14-4, effective March 23, 1994; 1996-9-13, effective May 1, 1996; 1998-5-23, effective March 31, 1997; 2003-3-34, effective February 19, 2003; 2005-16-34, effective February 16, 2005; 2005-16-35, effective February 16, 2006; 2007-1-17, effective February 21, 2007; 2008-10-91, effective February 20, 2008; 2016-3-51, effective February 17, 2016.