How does a purchaser obtain possession under the California Veterans Home and Farm Purchase Act of 1974?

Under the California Veterans Home and Farm Purchase Act of 1974, a purchaser obtains possession through a land contract. This method allows veterans to purchase properties, often with easier financing conditions, tailored specifically to meet their needs.

In a land contract, the buyer makes payments over time but does not receive the formal title to the property until the contract terms are fulfilled, usually after making all required payments. This provides a pathway for veterans to acquire property without the immediate financial burden of a traditional mortgage, making home ownership more accessible for those who served in the military.

Other methods, such as cash purchases, lease agreements, or traditional mortgages, are not structured in a way that aligns with the specific terms of the Veterans Purchase Act. The land contract framework allows for a more flexible arrangement, which is particularly beneficial for veterans looking to secure a home with the support of the state's provisions.