Forfeiture of Improvements,
Forfeiture of Improvements
What Improvement Become the Right of the Buyer?
When a person owns a house, office or any other property for a long time, he is very likely to make some or a lot of improvements in it. For example, he might build furniture, fit in new gadgets and appliances, etc. But what happens when he decides to sell the property? Does all the improvements go with him? Who will be the owner of the rest of the improvements that are left find after the seller or owner seals the deal with the purchaser? All these questions are likely to pop in a person’s mind regardless of whether he is a seller or a buyer.
Well, an answer to all these questions is very simple. The buyer has the right to take away all his improvements but only till the property is under his name. But, if sells his property to the buyer and executes the deal while leaving behind some of his improvements, then these improvements will now belong to the buyer.
At the time of the agreement, both sellers and buyers are made to sign a form for Forfeiture of improvements in which it is clearly mentioned that once the purchase is activated, the seller can remove all his improvements from the property but only before the property is transferred to the purchaser. Once the transfer of property is done, the purchaser will now be the owner of the all the improvements left behind by the seller and seller will have no right on it.
Sample Forfeiture of Improvements Form TemplateForfeiture-of-Improvements
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