Advertisement: means a commercial message in any medium that aids, promotes, or assists, directly or indirectly, a lease-purchase agreement. See
Cash price: means the price at which the lessor would have sold the property to the consumer for cash on the date of the lease-purchase agreement. See
Consumer: means a natural person who rents personal property under a lease-purchase agreement to be used primarily for personal, family, or household purposes. See
Consummation: means the time a consumer becomes contractually obligated on a lease-purchase agreement. See
Contract: A legal written agreement that becomes binding when signed.
Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
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
Lease-purchase agreement: means an agreement for the use of personal property by a natural person primarily for personal, family, or household purposes, for an initial period of four months or less that is automatically renewable with each payment after the initial period, but does not obligate or require the consumer to continue leasing or using the property beyond the initial period, and that permits the consumer to become the owner of the property. See
Lessor: means a person who regularly provides the use of property through lease-purchase agreements and to whom lease payments are initially payable on the face of the lease-purchase agreement. See
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
Personal property: All property that is not real property.
Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.