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Notice of Intent to Enforce Forfeiture Provisions of Contact for Deed - District of Columbia

Notice of Intent to Enforce Forfeiture Provisions of Contact for Deed - District of Columbia 2025

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This document is a Notice of Intent to Enforce Forfeiture Provisions of a Contract for Deed, informing the purchaser that they are in default due to failure to meet contract terms. It outlines the steps required to cure the default by a specified date, warns of potential forfeiture and eviction if not addressed, and advises contacting an attorney for questions.

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What are forfeiture clauses in contracts?

A forfeiture clause stipulates that should the buyer in a transaction fail to pay their monthly payment, the seller can reclaim the land that was sold. Additionally, any money already paid can be kept by the seller.

What does it mean when a contract is forfeited?

CFDs commonly include a forfeiture clause. If a CFD buyer misses just one payment, the seller can evict them immediately. Evicted CFD buyers usually cant recover previous payments, even if theyve been paying diligently for years.

What is an example of a forfeiture?

Forfeiture, under the terms of a contract, refers to the requirement by the defaulting party to give up ownership of an asset, or cash flows from an asset, as compensation for the resulting losses to the other party.

What is the disadvantage of a forfeiture clause to the buyer?

A: Under California law, the phrase Notice Contains an Election of Forfeiture typically appears in the context of a landlord-tenant relationship, specifically when a tenant has failed to pay rent.

What is the DC code for asset forfeiture?

41304. (a)(1)(A) Upon the seizure of any property by law enforcement, the District shall take all reasonable steps to identify the owner or owners of the seized property and provide the owner or owners with notice of the intent of the District to seek forfeiture of the property.

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