Section 50405 - Contracts of Sale(a) Property purchased under a signed contract of sale by the applicant or beneficiary shall be included in the property reserve of the applicant or beneficiary.(b) Property being sold by the applicant or beneficiary under a signed contract of sale shall not be considered the property of the applicant or beneficiary. The interest payments received under the contract of sale shall be unearned income. The principal payments received under the contract of sale shall be property.(c) Property being purchased or sold under a verbal or unsigned contract of sale shall be considered the property of the seller until the sale is complete.Cal. Code Regs. Tit. 22, § 50405
1. Change without regulatory effect adding NOTE filed 10-11-88 (Register 88, No. 45). Note: Authority cited: Sections 10725 and 14124.5, Welfare and Institutions Code. Reference: Section 14006, Welfare and Institutions Code.
1. Change without regulatory effect adding NOTE filed 10-11-88 (Register 88, No. 45).