Real Estate Glossary | What's a Forfeiture ??

What's a Forfeiture ?

Forfeiture is a legal term for the loss of property or rights due to failure to meet some obligation or condition. Forfeiture can happen in different ways but usually happens as a penalty for not complying with the terms of a legal agreement, such as a contract.

A common example of forfeiture in the real estate context is when a property is purchased under a land contract (also known as a contract for deed), where a buyer makes payments to the seller over a period of time but fails to meet the agreed-upon terms of the contract. In this case, the seller has the right to forfeit the property, and take back possession, they also may keep the payments that were made so far.

Another example could be in commercial leases, where if a tenant breaches the lease agreement, the landlord can terminate the lease and regain possession of the property. This can also be included in specific conditions like not paying rent or taxes on time, or not performing necessary repairs.

It's important to be aware that both Forbearance and Forfeiture are serious legal actions that can have significant consequences for both the borrower and the lender, and they should be used as a last resort after all other options have been exhausted.

Our solutions

beycome™

Legal

Stay Connected with us

Stay Connected

Beycome Florida:
400 NW 26th St,
Miami, FL 33127

Beycome Office:
5701 Sunset Dr #224,
South Miami, FL 33143

Beycome Contact:
804-656-5007
[email protected]
Schedule a call

By searching, you agree to the Terms and Conditions and our Privacy Policy.
IDX information is provided exclusively for consumers’ personal, non-commercial use. It may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information deemed reliable but not guaranteed to be accurate. Listing information is updated daily. All information provided is deemed reliable but is not guaranteed accurate and should be independently verified.

The availability of services and savings can vary by state. See more Information about our services for program details.

Beycome Corp. works with real estate brokerages licensed to do business in multiple states across the country. Beycome Brokerage Realty LLC d/b/a beycome.com is a real estate brokerage licensed to do business in AL, GA, IL, MI, MN, NC, SC and TX. Beycome of Florida LLC d/b/a beycome.com is a real estate brokerage licensed to do business in Fl. Beycome of Connecticut LLC d/b/a beycome.com is a real estate brokerage licensed to do business in CT. A list of our licenses is available here.

Beycome Title LLC, Beycome Brokerage Realty and Beycome of Florida have a business relationship in that all are owned by the same persons.

CalBRE #01737574.TREC: Info About Brokerage Services, Consumer Protection Notice