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EXCLUDED ASSETS - CONTRACTS FOR DEED

ISSUE DATE: 04/2013

Count contracts for deed and other property agreements (for example: deeds-of-trust, mortgages held by the seller, land contracts) as personal property of the seller. Consider the buyer's interest in property purchased under a contract for deed to be real property. See 0015.12 (Excluded Assets - Real Property), 0015.12.03 (Excluded Assets - Homestead), 0015.57 (Evaluation of Real Property).

Evaluate the availability of property agreements jointly owned with someone outside the unit according to 0015.06 (Availability of Assets).

See 0017.15.84 (Contracts for Deed as Income) for how to treat payments on contracts for deed and other property agreements when determining income.


MFIP, WB, DWP, MSA, GA, GRH:

Count the outstanding principal balance on a contract for deed or other property agreement as an asset to the seller. Also count the principal portion of each payment as an asset.


SNAP:

SNAP has no asset test.

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