Forfeiture
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Forfeiture
The loss of rights to an asset outlined in a legal contract if a party fails to fulfill obligations of the contract.
Copyright © 2012, Campbell R. Harvey. All Rights Reserved.
Forfeiture
The loss of a right or property. Forfeiture usually occurs when one has neglected to fulfill one's obligations necessary to keep the right or property. For example, one may forfeit one's house if the mortgage defaults.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved
forfeiture
The loss of rights to something as a result of a failure to perform an obligation.Courts often view forfeitures as penalties,which are illegal.As a result,one who is buying property under a bond for title and will receive a deed only when all payments have been made may be protected from a forfeiture if there is a default after a substantial amount of money has already been paid.
The Complete Real Estate Encyclopedia by Denise L. Evans, JD & O. William Evans, JD. Copyright © 2007 by The McGraw-Hill Companies, Inc.