Terms Used In Washington Code > Chapter 81.12 - Transfers of property

• Contract: A legal written agreement that becomes binding when signed.
• Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
• Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. ^{Source: OCC}
• Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). ^{Source: OCC}
• Public service company: as used in this chapter , means every common carrier subject to regulation as to rates and service by the utilities and transportation commission under the provisions of this title. See Washington Code 81.12.010