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Notice of Default for Past Due Payments in connection with Contract for Deed - Colorado

Notice of Default for Past Due Payments in connection with Contract for Deed - Colorado 2025

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This document is a Notice of Default regarding a Contract for Deed, informing the purchaser that they are behind on payments. It states that the seller has the right to terminate the contract if the default is not cured by a specified date. The notice outlines the amount due for past payments and late fees, warning that failure to pay may result in breach of contract, loss of payments made, eviction, and loss of property rights.

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What is a default clause in real estate?

A Default Clause, also known as a Breach of Contract Clause, is a contractual provision that addresses the consequences when one party fails to perform its obligations under the contract.

What is the default clause in a land contract?

A typical purchase default clause may indicate that: If the purchaser fails to remedy a purchase default (such as a late payment) then they only have a certain period of time to pay off the remaining balance of the purchase price or they will be required to vacate the property.

What does it mean when a contract is in default?

The term default in contract law frequently appears in real estate transactions. Defaulting usually refers to a borrower who fails to make payments. A common type of default is failing to abide by the payment terms of a loan.

What happens when you default on a land contract?

If a buyer defaults on a land contract, the seller can take legal action through a process called land contract forfeiture. This may result in the buyer not only losing the home, but also all the payments theyve made so far.

What is the default clause in a contract?

If the buyer defaults on the land contract, or fails to make the monthly payments to the seller as required, the seller can file a court action called land contract forfeiture. Success in court will result in the buyer forfeiting, or giving up, all money paid to the seller for the property pursuant to the land

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