Washington Code 6.23.120 – Listing of property for sale during redemption period — Acceptance of qualifying offer if property unredeemed and deed issued — Procedure — Disposition of proceeds
Current as of: 2023 | Check for updates
|
Other versions
(1) Except as provided in subsection (4) of this section, during the period of redemption for any property that a person would be entitled to claim as a homestead, any licensed real estate broker within the county in which the property is located may nonexclusively list the property for sale whether or not there is a listing contract. If the property is not redeemed by the judgment debtor and a sheriff‘s deed is issued under RCW 6.21.120, then the property owner shall accept the highest current qualifying offer upon tender of full cash payment within two banking days after notice of the pending acceptance is received by the offeror. If timely tender is not made, such offer shall no longer be deemed to be current and the opportunity shall pass to the next highest current qualifying offer, if any. Notice of pending acceptance shall be given for the first highest current qualifying offer within five days after delivery of the sheriff’s deed under RCW 6.21.120 and for each subsequent highest current qualifying offer within five days after the offer becoming the highest current qualifying offer. An offer is qualifying if the offer is made during the redemption period through a licensed real estate broker listing the property and is at least equal to the sum of: (a) One hundred twenty percent of the redemption amount determined under RCW 6.23.020 and (b) the normal commission of the real estate broker or agent handling the offer.
Terms Used In Washington Code 6.23.120
- Contract: A legal written agreement that becomes binding when signed.
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- person: may be construed to include the United States, this state, or any state or territory, or any public or private corporation or limited liability company, as well as an individual. See Washington Code 1.16.080
- sheriff: includes deputies, and "execution docket" refers also to the docket of a district court. See Washington Code 6.01.010
(2) The proceeds shall be divided at the time of closing with: (a) One hundred twenty percent of the redemption amount determined under RCW 6.23.020 paid to the property owner, (b) the real estate broker’s or agent’s normal commission paid, and (c) any excess paid to the judgment debtor.
(3) Notice, tender, payment, and closing shall be made through the real estate broker or agent handling the offer.
NOTES:
Explanatory statement—2018 c 22: See note following RCW 1.20.051.
Severability—1981 c 329: See note following RCW 6.21.020.