Laws, Regulations & Annotations

C

220.0000 CHANGE IN OWNERSHIP

Annotation 220.0185

220.0185 Equity Share Agreement. An agreement that transfers occupancy of, but not legal title to property in return for the payment of an existing mortgage and other costs of ownership, provides a return to the "investor" of the value of his equity within 48 months, and reserves to the "investor" the right to share in any profit from a sale to a third party does not constitute a change in ownership. It is, in essence, a lease with an option to purchase. C 1/29/1991.