All about sample format of Forfeiture of Sales Contract
Forfeiture of Sales Contract involves a process of cancellation of buyer’s rights as per the real estate contract if he is no able to pay the dues as committed in the contract. The supplier can keep a legal track on the buyer until the time he does not pay as committed when the contract was signed.
What does Forfeiture of Sales Contract covers?
Forfeiture of Sales Contract is declared by the seller who sends a notice to the buyer if the amount committed in the contract has not been received yet. Forfeiture of Sales Contract involves all the necessary details that were discussed and committed under contract by the buyer. A clear notice is sent to the buyer where contract is reminded to the buyer and a time limit, decided by the supplier only, is conveyed to the buyer so that he can still have a chance to complete the payment
When does a Sample Letter become PRINTABLE?
Now when the buyer fails to complete real estate contract, following the breach, the seller can declare the contract as forfeiture. The seller holds the right to send a notice without any legal involvement, and if still fails to receive any response from the buyer, he can further go for legal proceedings.
Summarizing it all, Forfeiture of Sales Contract letter is basically a notice that is given to the buyer after a time frame decided at the time of the contract signed.