California Code, Civil Code - CIV § 1695.1

(a) “Equity purchaser” means any person who acquires title to any residence in foreclosure, except a person who acquires such title as follows:

(b) “Residence in foreclosure” and “residential real property in foreclosure” means residential real property consisting of one- to four-family dwelling units, one of which the owner occupies as his or her principal place of residence, and against which there is an outstanding notice of default, recorded pursuant to Article 1 (commencing with Section 2920) of Chapter 2 of Title 14 of Part 4 of Division 3.

(c) “Equity seller” means any seller of a residence in foreclosure.

(d) “Business day” means any calendar day except Sunday, or the following business holidays:  New Year's Day, Washington's Birthday, Memorial Day, Independence Day, Labor Day, Columbus Day, Veterans' Day, Thanksgiving Day, and Christmas Day.

(e) “Contract” means any offer or any contract, agreement, or arrangement, or any term thereof, between an equity purchaser and equity seller incident to the sale of a residence in foreclosure.

(f) “Property owner” means the record title owner of the residential real property in foreclosure at the time the notice of default was recorded.