What is forfeiture of lease?

Forfeiture is a means for a landlord to terminate a lease, in the event of some default by the tenant.

What is meant by forfeiture?

Forfeiture refers to a loss of any property, money, or assets without consideration or compensation in return. A forfeiture generally occurs due to default in complying with repayment obligations under a contract. It can also be used as a penalty for an illegal way of conducting business.

What is the difference between forfeiture and foreclosure?

Forfeiture. A foreclosure action extinguishes any claim the mortgagor may have to the real property securing a defaulted loan, whereas a forfeiture refers generally to the loss of a right to something as a result of nonperformance of an obligation or condition.

What is mean by forfeited?

1 : the act of forfeiting : the loss of property or money because of a breach of a legal obligation assets subject to forfeiture. 2 : something (such as money or property) that is forfeited : penalty.

What is mean by forfeiture of shares?

Introduction. A forfeited share is an equity share investment which is cancelled by the issuing company. A share is forfeited when the shareholder fails to pay the subscription money called upon by the issuing company.

What does forfeiture mean in court?

The involuntary relinquishment of money or property without compensation as a consequence of a breach or nonperformance of some legal obligation or the commission of a crime. The loss of a corporate charter or franchise as a result of illegality, malfeasance, or Nonfeasance.

What does forfeiture mean in legal terms?

Forfeiture is the loss of any property without compensation as a result of defaulting on contractual obligations, or as a penalty for illegal conduct.

What does forfeited mean when dealing with money?

1 : the loss of a right, money, or especially property because of one's criminal act, default, or failure or neglect to perform a duty compare waiver. 2 : something (as money or property) that is forfeited as a penalty.

Mississippi Final Notice of Forfeiture and Request to Vacate Property under Contract for Deed - Contract Forfeiture

Description Mississippi Notice Vacate

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.

Mississippi Real Estate Contract Related Contract for Deed Forms

Related Legal Definitions

How To Fill Out Mississippi Final Notice Of Forfeiture And Request To Vacate Property Under Contract For Deed?

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