Owner-occupied definition

Owner-occupied means property that is the principal

Owner-occupied means a single-family residence occupied by

Owner-occupied means a dwelling which is occupied by the owner and includes a single family dwelling or a dwelling unit in a stock cooperative, as defined by Business and Professions Code (BPC), Section 11003.2, a community apartment project, as defined by BPC Section 11004, or a condominium project, as defined by subdivision (c) of BPC Section 11004. 5.

Examples of Owner-occupied in a sentence

• Roommates in Owner-Occupied properties do not have to meet eligibility requirements, but at no time may an owner rent out rooms for lease terms of less than 6 months.Short-term rentals are prohibited.Rental of Employer-Owned Property.

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• The registration of two (2) STRs on a Lot that is Owner-Occupied.

• Owner-Occupied Units: Includes units occupied by the owner or co-owner, even if the unit has not been fully paid for or is mortgaged.

More Definitions of Owner-occupied

Owner-occupied means property that is the principal residence of the borrower.

Owner-occupied means that the owner of the STRP or a Responsible Party (see below) resides in the STRP or in the principal residential unit with which the STRP is associated on the same lot, and identifies same as his or her principal residence. If a STRP is not owned by an individual, then at least one principal or member of the owner entity must reside in the STRP or in the principal residential unit with which the STRP is associated on the same lot, and identify same as his or her principal residence.

Owner-occupied means that the residence is occupied by: The legal owner; a person who does not hold for- mal title to the residence but is respon- sible for payment of taxes, mainte- nance of the residence, and pays no rent; or a person who has lifetime occu- pancy rights in the residence with for- mal title vested in another. In States where documentation proving owner- ship is not recorded or does not exist, the State is required to include in its administrative plan a State Attorney § 206.131General approved set of conditions de- scribing adequate proof of ownership.

Owner-occupied means the owner is domiciled in the subject building or unit.

Owner-occupied means the owner of the property who resides in the short term rental property, or in the principal residential unit with which the short term rental property is associated on the same lot and identifies same as his or her principal residence as that term is defined in this Section for purposes of this section. If the owner of the property is an entity other than an individual or individuals then at least one principal or member of the owner entity must reside in the short term rental property or in the principal residential unit with which the short term rental property is associated on the same lot, and identify same as his or her principal residence as that term is defined in this Section.

Owner-occupied means the owner of the property permanently resides in the STRP or in the principal residential unit with which the STRP is associated on the same lot; provided however that in order to qualify as owner-occupied, the owner of the property: (1) must be a natural person or persons; (2) may not be a limited liability entity, including without limitation a corporation or limited liability company; and (3) may not be an unincorporated entity, including without limitation a partnership, joint venture, or trust.

Owner-occupied means that the residential building, or at least a portion or one unit thereof, condominium, or cooperative, is occupied by the owner of the residential building as their principal residence.