Contract Notice Default Within
Description
How to fill out Texas Contract For Deed Notice Of Default When 40% Of Loan Paid Or 48 Payments Made?
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FAQ
Default rule is a legal principle that fills a gap in a contract in the absence of an applicable express provision but remains subject to a contrary agreement. It can be overridden by a contract, trust, will, or other legally effective agreement.
When a buyer defaults, a seller has the option to sue for specific performance. This is an equitable remedy and an alternative to collecting monetary damages. It is a claim that is pursued through litigation, and if it is granted, a court will order a buyer to go to closing on a home.
In the context of mortgage foreclosure, a notice of default is a formal notice that a lender filed with courts to notify the borrower who has failed to make payments that the lender intends to conduct a sale foreclosure.
Cancelling the sale after removing all contingencies or without cause allowed by the contract. not removing contingencies on time (or possibly ignoring other deadlines) not completing loan papers on time.
Default occurs when one party to a contract fails to meet their obligations under the contract -- also referred to as breach of contract.
