| (a) The Texas Natural Resources Code, §161.222(a) requires
veterans to make an initial payment in an amount set by the board's rules.
Sections 161.233(a) and 161.283(b) require that Veterans make additional down
payment(s) under certain circumstances. In order to carry out the intent of
the requirement that veterans have equity in any tract purchased through the
program, it is the policy of the Veterans Land Board to approve no transaction,
the net effect of which involves the seller, realtor, or any party to the
transaction other than the veteran directly or indirectly paying the initial
payment or down payment(s). This includes inducements such as zero coupon
bonds, savings bonds, etc.
(b) Subsection (a) of this section shall not be construed to
prevent a veteran from contracting with the seller or any other party to a
transaction for the payment of other expenses associated with closing the
transaction such as survey costs, title examination, and attorney's fees.
(c) Subsection (a) of this section shall not be construed to
prohibit privileges incidental to the ownership of land and available to all
purchasers in the same subdivision and/or joint ownership of recreational
areas such as parks, lakes, etc.
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| Source Note: The provisions of this §175.21 adopted to be effective March 11, 1986, 11 TexReg 1005; amended to be effective October 19, 1987, 12 TexReg 3602; amended to be effective May 14, 2002, 27 TexReg 4173 |
