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Florida Final Notice of Forfeiture and Request to Vacate Property...

Land Contract Forfeiture Form With Mortgage Company

Q: What is the forfeiture clause in a contract?

A forfeiture clause in real estate is a seller&#039;s remedy that allows a seller to take back property purchased on a land installment contract if the buyer defaults on payments. While some contracts may offer a grace period to make up payments, this isn&#039;t always the case.

Category:

Real Estate - Contract for Deed - Notices

State:

Florida

Control #:

FL-00470-12

Format:

Instant download

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Description

The Final Notice of Forfeiture and Demand Buyer Vacate Property form notifies the Purchaser, after all prior notices of breach have expired, that Seller has elected to cancel the contract for deed in accordance with its terms and all past payments made by Purchaser are now considered forfeited and any future occupancy of property will result in action by the court.

How to fill out Florida Final Notice Of Forfeiture And Request To Vacate Property Under Contract For Deed?

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FAQ

A forfeiture clause in real estate is a seller's remedy that allows a seller to take back property purchased on a land installment contract if the buyer defaults on payments. While some contracts may offer a grace period to make up payments, this isn't always the case.

The land contract provides for forfeiture if the purchaser fails to make the required payments. The land contract provided a balloon payment that the purchaser failed to pay. The purchaser was served with the notice of forfeiture. A summary of your taxable costs (court filing fees and service of process).

A seller needs to go through circuit court to foreclose on a home. Unlike mortgage foreclosures, a seller in a land contract cannot foreclose by advertisement. They must go through the courts. To learn more about judicial (court) foreclosures, read Foreclosure and Eviction for Homeowners.

Typically, you must notify the seller of your intent to cancel the transaction in writing, delivered either in person or by mail. Refer to the notice of cancellation rights in your contract for the proper way to cancel.

If a buyer defaults, the seller cannot simply take possession of the property, with the buyer losing all the payments already made. Instead, the seller must foreclose, sell the property, and pay to the buyer any proceeds from the sale in excess of the unpaid balance of the purchase price.