Alabama § 24-11-3 - Definitions.
Full text of Alabama Code of Alabama § 24-11-3 — Definitions., with citation guidance and answers to common questions.
§ 24-11-3. Definitions.
As used in this chapter, the following terms shall have the following meanings:
(1) ACCOUNT HOLDER. A first-time and second chance home buyer who establishes, individually or jointly with another first-time and second chance home buyer, a first-time and second chance home buyer savings account.
(2) ALLOWABLE CLOSING COSTS. A disbursement listed on a settlement statement for the purchase of a single-family residence in Alabama by a first-time and second chance home buyer.
(3) DEPARTMENT. Alabama Department of Revenue.
(4) ELIGIBLE COSTS. The down payment and allowable closing costs for the purchase of a single-family residence in Alabama by a first-time and second chance home buyer. Eligible costs do not include any costs incurred prior to the establishment of a first-time and second chance home buyer savings account.
(5) FINANCIAL INSTITUTION. Any bank, savings institution, industrial loan association, credit union, or other similar entity authorized to do business and accept deposits in Alabama.
(6) FIRST-TIME AND SECOND CHANCE HOME BUYER. An individual who resides in Alabama and has not owned or purchased, either individually or jointly, a single-family residence during a period of ten years prior to the date of the purchase of a single-family residence.
(7) FIRST-TIME AND SECOND CHANCE HOME BUYER SAVINGS ACCOUNT or ACCOUNT. An account with a financial institution created for the purpose of payment or reimbursement of eligible costs for the purchase of a single-family residence in Alabama by a first-time and second chance home buyer and designated by the financial institution upon its creation as a first-time and second chance home buyer savings account.
(8) SETTLEMENT STATEMENT. The statement of receipts and disbursements for a transaction related to real estate, including a statement prescribed under the Real Estate Settlement Procedures Act of 1974, 12 U.S.C. §2601 et seq., as amended, and regulations thereunder.
(9) SINGLE-FAMILY RESIDENCE. A single-family residence owned and occupied by a first-time and second chance home buyer as the first-time and second chance home buyer’s principal residence, which may also include a manufactured home, trailer, mobile home, condominium unit, or cooperative.
Frequently Asked Questions About Alabama § 24-11-3
What does Code of Alabama § 24-11-3 cover?
Section 24-11-3 ("Definitions.") is part of the Code of Alabama, the codified statutory law of Alabama. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Alabama § 24-11-3?
A common citation format is "Code of Alabama § 24-11-3" (Alabama). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Alabama law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Alabama official source linked on this page or consult a licensed Alabama attorney.
How does Alabama § 24-11-3 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Alabama can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Alabama.