This form is a contract for a lease and a manadatory purchase of real estate. Seller demises and leases to purchaser and purchaser takes and rents from seller certain real property described in the form. Purchaser agrees not to use or permit the use of the property for an illegal purpose. An auction, fire or going out of business or bankruptcy sale, may not be conducted in the property without prior written consent of the seller.
Forfeiture Clause Real Estate In Wake
State:
Multi-State
County:
Wake
Control #:
US-00120
Format:
Word;
Rich Text
Instant download
Description
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FAQ
California courts have split over whether forfeiture provisions are enforceable or not. The Courts of Appeals in both the First District 8 and the Second District 9 have decided that forfeiture provisions in commission agreements are legally binding and enforceable.
The forfeiture of a downpayment is primarily governed by the terms of the contract between the buyer and the seller. The contract, often referred to as a Contract to Sell or a Reservation Agreement, usually contains specific clauses that detail the conditions under which the downpayment may be forfeited.
In law, a forfeiture is the loss of rights or goods due to not fulfilling some obligation. For example, failing to make car payments to a bank can result in the forfeiture of your car. the act of losing or surrendering something as a penalty for a mistake or fault or failure to perform etc.
Forfeiture is compensation for breach of the terms of a contract. The party who fails to perform their obligations or breach their duty under a contract forfeits their assets or rights under the contract. The purpose of forfeiture is to compensate the party adversely affected by the non-performance of the contract.
To involuntarily lose property or rights as a penalty for violating the law. For example, one may have to forfeit one's driver's license due to multiple traffic violations or driving.
Forfeit or forfeiture means losing a right, privilege, or property without compensation as a consequence of violating the law, breaching a legal obligation , failing to perform a contractual obligation or condition , or neglecting a legal duty .
Sometimes local non-profit or government organizations can offer you a second mortgage on special terms to replace a down payment. Some federal programs are also available. For eligible servicemembers or family members, Department of Veterans Affairs (VA) loans do not require a down payment.