Obsolete 1018 - 531-3 Lump Sum Received on a Sales Contracts

End Date:  September 30, 2018 (Renamed as of October 1, 2018)

No Previous Policy

1. Exempt lump sum payments received on a sales contract for the sale of an exempt home if the money is committed to replacement of the property sold within thirty days and the purchase is completed within ninety days.

If a period longer than ninety days is required to complete the actual purchase, the Regional or Bureau Director may grant an extension.

2. If the property is not replaced within 90 days and no extension has been granted, consider the total payment received as an asset, beginning the month after received. See section 825 for policy on overpayments.

3. When a sales contract is an available asset, a person may refute the value of the contract by providing verification from a knowledgeable source, such as a financial institution, as to the market value of the contract.