Laws, Regulations & Annotations

P

625.0000 PARENT-CHILD TRANSFER

Annotation 625.0240

625.0240 Veterans. Under "The Veterans Farm and Home Purchase Act of 1974", the Department of Veteran Affairs is authorized to obtain property which it sells to veterans by contracts of sale. Although the Department obtains legal title to the property and holds it as security for payment of the contract purchase price, the vendee veteran is the owner for all purposes (Eisley v. Mohan (1948) 31 Cal.2d 637).

When the Department purchases property from the parent of the vendee veteran for the purpose of selling it to the veteran, the parent/child exclusion applies to the transfer to the child provided all other exclusion requirements are met. C 9/19/1988.