§ 42–2621. Definitions.
For the purpose of this subchapter, the term:
(1) “Closing Costs” means expenses in addition to the purchase price of the property which must be paid by the purchaser or deducted from the proceeds of the sale to the seller at time of closing.
(2) “Department” means the Department of Housing and Community Development.
(3) “Downpayment” means the unamortized amount paid by the purchaser at closing, which when added to the mortgage amount equals the total sale price.
(4) “Earnest money contract” means a contract created between the buyer and seller when the buyer makes a deposit to indicate both the ability and good faith intention to complete the purchase of a property. If the contract is fulfilled, then the earnest money deposit is applied toward the purchase price.
(5) “Fund” means the Home Purchase Assistance Step Up Fund.
(6) “Household” means an individual or 2 or more persons who reside together in a housing unit in the District.
(7) “Single family home” means a housing unit designed and maintained for occupancy by only one family.