Notice of forfeiture of contract by seller,
Send a forfeiture of contract notice to the buyer to get the payment on time for the land being sold
Are you selling your property, then you need to prepare a Notice of forfeiture of contract by seller. You can find the notice forms in the online or else you can hire an attorney to get this notice prepared without giving any room for legal jargons. This form has to include the names of both the buyers and sellers along with the date on which they went into agreement to buy and sell their land. Most importantly, this has to include the county and state of both the parties. Moreover, this notice has to be recorded in the public records of the state where the land is located. This should include the amount that the buyer has agreed to pay the seller and the promises that were made by the buyer for paying taxes, assessments or impositions along with the year when this agreement was made.
In case, if the purchasers fail to adhere to any of the terms and conditions in the agreement, then the seller has all rights to forfeit the contract. Moreover, the payment that was made by the buyer should also be forfeited to the seller. Also, seller will have all the rights to take over their property and rent it to others. Notice of forfeiture of contract by seller is the mutual agreement made between the buyer and the seller. It is very important to clearly mention the date on which the payment has to be made to the seller. This notice has to be signed by the buyer and seller along with the witnesses. Most importantly, the seller has to give a self-declaration that, in case, if the purchases fails to pay the amount or taxes on the property on the given date, then the payment that was done on it will be forfeited. Moreover, the seller will not repay the amount that was paid by the buyer and he/she possess all the rights to rent that land to the other party.
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