Statement of Reasons for Forfeiture

Forfeiture of residential leases

A lease is a legal document under which one party agrees to rent property from another party. There are two parties to contracts, namely a lessor and a lessee. The lessor is guaranteed regular payments for a specified period of time. A residential lease is a contract between a landlord and a tenant exclusively for residential purpose. It gives right to a tenant to use the property for housing purposes and in exchanges pays the stipulated rent.

The contract states a clause which allows the landlord to forfeit the lease contract if the tenant defaults to abide with the obligations stated. Forfeiture of a residential lease is a complex area of law and talks about the landlord’s right of removal of tenant from the premises. There may be several reasons for forfeiture and it is clearly stated in the statement of reasons for forfeiture which is served to the tenant when he fails to carry out his obligations.

If the landlord wishes to forfeit the contract he has to apply to court for an order authorizing the same. During the proceedings, the tenant can be given a relief. If not, he would be made liable to pay for the legal costs as well as the outstanding rent within the stipulated time. Following is the specimen of a statement of reason for forfeiture. :

Statement Of Reasons For Forfeiture

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Sample Template Preview

Statement of reasons for forfeiture.

To _________:
Please take notice that under that certain contract of sale, dated _________, [recorded _________[date] in _________], purchasers have not made the principal payment of $_____ due _________[date] or the payment of interest in the sum of $_____ due on that date, and, accordingly, are in arrears in the sum of $_____. Accordingly, sellers have elected to declare the purchasers to be in default, and the entire principal of the contract in the sum of $_____, plus interest of $_____ as of _________[date], is by this notice declared to be past due and unpaid. In addition, there is due to sellers all reasonable costs in connection with the preparation, recording and service of this notice.
You and each of you, as your rights may appear, are notified that the above contract will stand forfeited and cancelled unless purchasers, or their heirs or legal representatives, within _________ days after completed service of this notice, perform the terms and conditions of the contract referred to above which are in default and in addition pay the reasonable costs in connection with the service of this notice.
You are further notified that this notice is served on you pursuant to _________[statutory citation], and that, if the above defaulted conditions are not performed and the contract placed in good standing within the time as above provided, proof and record of service will be filed in the office of the Recorder of _________ County, State of _________, and the same shall constitute constructive notice to all parties of the due forfeiture and cancellation of the contract and all rights of _________ as purchasers and parties in possession shall be cut off and cancelled and all rights of _________ as to the above premises will be automatically terminated.