Or, more likely, was the corporation’s charter simply revoked/forfeited?

I would get of the deal and forfeit the money

Breach the contract and forfeit your earnest money2.

If I was to stop paying taxes on it, the county would take it as tax forfeited property. 

But he'd forfeit the bonus $300 and would then have an eviction on his record. 

For other reasons like if you just fail to execute or change your mind and walk away you will forfeit the deposit. 

Rent to own you get a non refundable deposit then rent for a set time with the OPTION to purchase if they do not thenallmonies are forfeited, if they do then the deposit goes toward principal.

Do you just forfeit the earnest money deposit and leave it at that?

I have been contemplating trying to “help” folks with their backed taxes under the agreement if they miss their payment to us they would forfeit their property.Essentially we’d be buying a lien directly from the occupant vs the court and then if they miss payment we wouldn’t have a bidding war in the court room.

Some counties require the winning bidder to immediately pay the full amount due even before leaving the room, whereas other counties allow some period of time after the sale/auction to pay the balance due or the deposit is forfeited.