Washington Code 61.30.010 – Definitions
Current as of: 2023 | Check for updates
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Unless the context clearly requires otherwise, the definitions in this section apply throughout this chapter.
Terms Used In Washington Code 61.30.010
- Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
- Contract: A legal written agreement that becomes binding when signed.
- 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
- Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
- Lien: A claim against real or personal property in satisfaction of a debt.
- 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
- Probate: Proving a will
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- Trustee: A person or institution holding and administering property in trust.
(1) “Contract” or “real estate contract” means any written agreement for the sale of real property in which legal title to the property is retained by the seller as security for payment of the purchase price. “Contract” or “real estate contract” does not include earnest money agreements and options to purchase.
(2) “Cure the default” or “cure” means to perform the obligations under the contract which are described in the notice of intent to forfeit and which are in default, to pay the costs and attorneys’ fees prescribed in the contract, and, subject to RCW 61.30.090(1), to make all payments of money required of the purchaser by the contract which first become due after the notice of intent to forfeit is given and are due when cure is tendered.
(3) “Declaration of forfeiture” means the notice described in RCW 61.30.070(2).
(4) “Forfeit” or “forfeiture” means to cancel the purchaser’s rights under a real estate contract and to terminate all right, title, and interest in the property of the purchaser and of persons claiming by or through the purchaser, all to the extent provided in this chapter, because of a breach of one or more of the purchaser’s obligations under the contract. A judicial foreclosure of a real estate contract as a mortgage shall not be considered a forfeiture under this chapter.
(5) “Notice of intent to forfeit” means the notice described in RCW 61.30.070(1).
(6) “Property” means that portion of the real property which is the subject of a real estate contract, legal title to which has not been conveyed to the purchaser.
(7) “Purchaser” means the person denominated in a real estate contract as the purchaser of the property or an interest therein or, if applicable, the purchaser’s successors or assigns in interest to all or any part of the property, whether by voluntary or involuntary transfer or transfer by operation of law. If the purchaser’s interest in the property is subject to a proceeding in probate, a receivership, a guardianship, or a proceeding under the federal bankruptcy laws, “purchaser” means the personal representative, the receiver, the guardian, the trustee in bankruptcy, or the debtor in possession, as applicable. However, “purchaser” does not include an assignee or any other person whose only interest or claim is in the nature of a lien or other security interest.
(8) “Required notices” means the notice of intent to forfeit and the declaration of forfeiture.
(9) “Seller” means the person denominated in a real estate contract as the seller of the property or an interest therein or, if applicable, the seller’s successors or assigns in interest to all or any part of the property or the contract, whether by voluntary or involuntary transfer or transfer by operation of law. If the seller’s interest in the property is subject to a proceeding in probate, a receivership, a guardianship, or a proceeding under the federal bankruptcy laws, “seller” means the personal representative, the receiver, the guardian, the trustee in bankruptcy, or the debtor in possession, as applicable. However, “seller” does not include an assignee or any other person whose only interest or claim is in the nature of a lien or other security interest and does not include an assignee who has not been conveyed legal title to any portion of the property.
(10) “Time for cure” means the time provided in RCW 61.30.070(1)(e) as it may be extended as provided in this chapter or any longer period agreed to by the seller.