[Code of Federal Regulations]
[Title 41, Volume 4]
[Revised as of July 1, 2002]
From the U.S. Government Printing Office via GPO Access
[CITE: 41CFR302-11.105]

[Page 186-187]
 
           TITLE 41--PUBLIC CONTRACTS AND PROPERTY MANAGEMENT
 
                   CHAPTER 302--RELOCATION ALLOWANCES
 
PART 302-11--ALLOWANCES FOR EXPENSES INCURRED IN CONNECTION WITH RESIDENCE TRANSACTIONS--Table of Contents
 
                      Subpart B--Title Requirements
 
Sec. 302-11.105  How is it determined if I hold ``equitable title interest'' in my residence?

    ``Equitable title interest'' in your residence is determined by your 
agency if:
    (a) The title is held in trust, and:
    (1) The property is your residence;
    (2) You and/or a member(s) of your immediate family are the only 
beneficiary(ies) of the trust during either of your lifetimes;
    (3) You and/or a member(s) of your immediate family retain the right 
to distribute the property during your lifetimes;
    (4) You and/or a member(s) of your immediate family retain the right 
to manage the property;
    (5) You and/or a member(s) of your immediate family are the only 
grantor/settlor of the trust, or retain the right to direct distribution 
of the property upon dissolution of the trust or death; and
    (6) You provide your agency with a copy of the trust document; or
    (b) The title is held in the name of a financial institution, and:

[[Page 187]]

    (1) The property is your residence;
    (2) You and/or a member(s) of your immediate family executed a 
financing agreement (e.g., mortgage) with the financial institution;
    (3) State or local law requires that lending parties take title to 
perfect (i.e., protect) a security interest in the property, or the 
financial institution requires that it take possession of title as a 
condition of the financing agreement; and
    (4)You provide your agency with a copy of the financing document; or
    (c) The title is held both in the names of:
    (1) You solely, or jointly with one or more members of your 
immediate family, or one or more members of your immediate family;
    (2) An individual accommodation party as defined in Sec. 302-11.106 
who is not a member of your immediate family; and
    (3) The conditions apply:
    (i) The property is your residence.
    (ii) You and/or a member(s) of your immediate family have the right 
to use the property and to direct conveyance of the property.
    (iii) The lender requires signature of the accommodation party on 
the financing document.
    (iv) You and/or a member of your immediate family, are liable for 
payments under the financing arrangement (e.g., mortgage).
    (v) The accommodation party's name is on the title.
    (vi) The accommodation party does not have a financial interest in 
the property unless the employee and/or a members(s) of the immediate 
family default on the financing arrangement.
    (vii) You must provide documentation of the accommodation that is 
acceptable by your agency; or
    (d) The title is held by the seller of the property and the 
following conditions are met:
    (1) The property is your residence;
    (2) You and/or member(s) of your immediate family has the right to 
use the property and to direct conveyance of the property;
    (3) You and/or member(s) of your immediate family must have signed a 
financing agreement with the seller of the property (e.g., a land 
contract) providing for fixed periodic payments and transfer of title to 
the employee and/or a member(s) of the immediate family upon completion 
of the payment schedule; and
    (4) You provide your agency with a copy of the financing agreement; 
or
    (e) Another equitable title situation exists where title is held in 
your name only or jointly with you and one or more members of your 
immediate family or with you and an individual who is not an immediate 
family member, and the following conditions are met:
    (1) The property is your residence.
    (2) You and/or a member(s) of your immediate family has the right to 
use the property and to direct conveyance of the property.
    (3) Only you and/or a member(s) of your immediate family has made 
payments on the property.
    (4) You and/or a member(s) of your immediate family received all 
proceeds from the sale of the property.
    (5) You must provide suitable documentation to your agency that all 
conditions in paragraphs (e)(1) through (e)(4) of this section are met.