Washington Revised Code Title 58. Boundaries and Plats § 58.19.180. Unlawful to sell lots or parcels subject to blanket encumbrance which does not provide purchaser can obtain clear title--Alternatives
Current as of April 06, 2022 | Updated by FindLaw Staff
Welcome to FindLaw's Cases & Codes, a free source of state and federal court opinions, state laws, and the United States Code. For more information about the legal concepts addressed by these cases and statutes, visit FindLaw's Learn About the Law.
It shall be unlawful for the developer to make a sale of lots or parcels within a development which is subject to a blanket encumbrance which does not contain, within its terms or by supplementary agreement, a provision which shall unconditionally provide that the purchaser of a lot or parcel encumbered thereby can obtain the legal title, or other interest contracted for, free and clear of the lien of such blanket encumbrance upon compliance with the terms and conditions of the purchase agreement, unless the developer shall elect and comply with one of the following alternative conditions:
(1) The developer shall deposit earnest moneys and all subsequent payments on the obligation in a neutral escrow depository, or real estate trust account regulated under *RCW 18.85.310, until such time as all payments on the obligation have been made and clear title is delivered, or any of the following occurs:
(a) A proper release is obtained from such blanket encumbrance;
(b) Either the developer or the purchaser defaults under the sales contract and there is a forfeiture of the interest of the purchaser or there is a determination as to the disposition of such moneys, as the case may be; or
(c) The developer orders a return of such moneys to such purchaser.
(2) The title to the development is held in trust under an agreement of trust until the proper release of such blanket encumbrance is obtained.
(3) The purchaser shall receive title insurance from a licensed title insurance company against such blanket encumbrance.
Cite this article: FindLaw.com - Washington Revised Code Title 58. Boundaries and Plats § 58.19.180. Unlawful to sell lots or parcels subject to blanket encumbrance which does not provide purchaser can obtain clear title--Alternatives - last updated April 06, 2022 | https://codes.findlaw.com/wa/title-58-boundaries-and-plats/wa-rev-code-58-19-180/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.
Was this helpful?