Guam § 5415 - Resale or Conveyance.
Full text of Guam Guam Code Annotated § 5415 — Resale or Conveyance., with citation guidance and answers to common questions.
§ 5415. Resale or Conveyance.
Notwithstanding any other provisions of law, rule or regulation to
the contrary:
(a) after a period of one (1) year from the date of purchase of a
lot or home pursuant to this Article, any grantee(s) may sell, convey
or otherwise transfer the lot or home to that person’s family member
who is without fee title to any real property of that person’s own,
and whose income does not exceed the limits established for a low
or medium income family or a head of a household residing in low
rent housing projects operated by the Authority; provided, that in
case of a sale, the prospective purchaser shall secure approved loan
or financing for the construction or purchase of a residence, or a
conditional letter of intent or the equivalent. In case the prospective
purchaser is a lessee of a Chamorro Land Trust residential lot, the
applicant shall, immediately upon the purchase of a property or an
affordable home in the As-Tumbo Subdivision, cancel or surrender
that person’s lease of the residential lot with the Chamorro Land
Trust Commission.
(b) After a period of five (5) years from the date of purchase of
a lot or home pursuant to this Article, any grantee(s) may sell,
convey or otherwise transfer the lot or home to a first-time
homeowner who is a resident of Guam and whose income does not
exceed the limits established for a low or medium income family or
a head of a household residing in low rent housing projects operated
by the Authority; provided, that in case of a sale, the prospective
purchaser secures approved loan or financing for the construction of
a residence, or a conditional letter of intent or the equivalent. In
case the prospective purchaser is a lessee of a Chamorro Land Trust
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residential lot, the applicant shall, immediately upon the purchase of
a property or an affordable home in the As-Tumbo Subdivision,
cancel or surrender the applicant’s lease of the residential lot with
the Chamorro Land Trust Commission.
Frequently Asked Questions About Guam § 5415
What does Guam Code Annotated § 5415 cover?
Section 5415 ("Resale or Conveyance.") is part of the Guam Code Annotated, the codified statutory law of Guam. 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 Guam § 5415?
A common citation format is "Guam Code Annotated § 5415" (Guam). 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 Guam law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Guam official source linked on this page or consult a licensed Guam attorney.
How does Guam § 5415 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Guam 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 Guam.