When a buyer fails to comply with the terms of the purchase contract, the buyer may forfeit a pre- estimated sum to cover the liquidated damages and this sum will be given to the seller.
A loss of money, property, or privileges due to a breach of legal obligation, which serves as compensation for resulting losses.
The loss of property or a privilege without compensation due to breaking a law.
The loss of a right. In a pension plan, the loss by an employee of the right to amounts paid into a fund by the employer. This may result from termination of employment before the employee acquires vested rights or voluntary withdrawal from a contributory plan, etc.
The loss or surrender of money, property, a right or privilege due to failure to perform.
Relinquishing of property rights by a delinquent borrower or loss of money or things of value due to failure to perform under a contract.
Loss of property without compensation when it is used in a manner contrary to the laws of the sovereign. A forfeiture may be either administrative or judicial. (See "Administrative Forfeiture" and "Judicial Forfeiture.")
Loss of rights; in a contact for deed, the loss of all interest in the property for nonpayment.
In old English law, the loss of land by a tenant to his lord as the consequence of some breach of fidelity. The loss of goods or chattels as a punishment for a crime or misdemeanor and as compensation for the injury against the person to whom they were forfeited.
Money or property taken as compensation for injury or damage to the person or property of another.
The total loss of a property or money due and all rights to that property, due to nonperformance of obligations or duties under a mortgage that was secured by the property.
The loss of money or property resulting from failure to meet a legal obligation or from the illegal nature or use of the money or property.
Loss of a right or something else of value as a result of failure to perform an obligation or condition.
The loss of money, property, rights, or privileges due to a breach of a legal obligation.
The taking of an individual's property by a government, because the individual has committed a crime. In the United States, private property cannot be taken, except by eminent domain upon payment of just compensation or for nonpayment of taxes.
The loss of property or money due to the failure to meet the obligations of a mortgage or loan secured by that property.
Forfeiture of a lease occurs when the landlord exercises his right to regain possession against the wishes of the tenant, where there is a breach in a condition of the lease, or a breach of a covenant.
The loss of property. Also the procedure by which the seller on a real estate contract takes back the property due to non-payment.
The loss of a right, claim, interest or item of property as a result of one's failure to meet one's legal obligations.
The right of a feudal lord to recover a fief when a vassal fails to honor his obligations under the feudal contract. (MEDIEV-L. Medieval Terms)
The loss of property or a privilege due to breaking a law. For example, a landlord may forfeit his or her property to the federal or state government if the landlord knows it is a drug-dealing site but fails to stop the illegal activity. Or, you may have to forfeit your driver's license if you commit too many moving violations or are convicted of driving under the influence of alcohol or drugs.
A loss of some right, title, estate, or interest in consequence of Default under an obligation.
The loss of money or valuable consideration due to failure to perform under the terms of an agreement.
The relinquishing of property rights by a delinquent borrower.
the contractual ability of a landlord to bring to an end the lease that he has granted prematurely, without compensation, where the leaseholder is in breach of an obligation contained within the lease. In reality, the scope for the landlord to forfeit is very restricted and subject always to the grant of a court order
Loss of a right in consequence of a crime or breach of engagement. Thus, rights under a life assurance policy may be forfeited if the insured fails to pay the premium. Where an insurance has been obtained by fraud on the part of the insured he forfeits both his rights under the policy and any premium paid.
Loss of property for some specified reason such as nonperformance condition or legal obligation.
The loss of lands and goods to the State as the consequence of a crime.
Loss of money or anything else of value because of failure to perform under contract.
Where a leaseholder does not comply with all the terms of the lease and thereby forfeits all rights of ownership of that lease. Freehold The highest and most secure type of land ownership rights.
Failure to use a water right for the statutorily provided period of time, or failure to timely file the notices required by the permit.
The loss of anything of value due to failure to perform.
When a delinquent borrower surrenders their property rights.
Loss of property because of violation of law or contract.
When a tenant is in default under a lease the landlord has the right to terminate the lease and recover possession of the property. A court order is needed on most occasions and the tenant may apply to the court for relief from forfeiture.
The loss of an asset or rights to an asset, due to default on contractual obligations or conditions.
The loss of property, money, rights, or privileges resulting from a breach of legal obligation.
The loss of money, or anything else of value, due to a breach of legal obligation or contract.
In the context of leasehold property, this occurs when a leaseholder fails to comply with one or more of certain of the conditions of the lease and forfeits all rights of ownership of that lease. But the leaseholder, in some instances, can mitigate the harshness of this.