Should fire or casualty damage have been caused by Tenant/Buyer’s own action or neglect, they shall not be relieved of the responsibility for payment of rent, and they shall also bear the full responsibility for repair of the damage. 32.CC&R’s: Tenant/Buyer acknowledges receipt of all pertinent rules and regulations and CC&R’s concerning this property. 33.Possession: Landlord/Seller shall endeavor to deliver possession to Tenant/Buyer by the commencement date of this Agreement. 34.Default: The occurrence of the following shall constitute a material default and Breach of Contract by Tenant/Buyer: Any failure by Tenant/Buyer to pay rent on time or perform any provisions of this lease to be performed by Tenant/Buyer where such a failure continues fifteen (15) days after written notice thereof by Landlord/Seller will constitute a material breach of this contract and forfeit the option to purchase.

The tenant/buyer did not pay on the 12th month so he forfeited his $6K down.

Financexaminer,The promissory note, i believe, also goes on to say something like, "or property must be forfeited."

If you received the letter after the time limit specified by the law or the lease, whichever is lesser, then the landlord forfeits any rights to keep any of your security deposit or to make additional demands.

P NW is right - the property you win the bid on might never be approved by your lender, in which case you would forfeit any deposit money paid at auction.Why would the lender not approve?

In addition, I would clearly state in the amendment that there is no financing or appraisal contingencies (they won't be allowed at this point).Hopefully the bank will cooperate and allow it...if not, and depending on how the contract and addenda are written, you will either have to close with cash or forfeit your earnest money.

“ In the event of default and termination of the contract by Seller, Purchaser shall forfeit any and all payments made under the terms of this contract including taxes and assessments as liquidated damages, Seller shall be entitled to recover such other damages as they may be due which are caused by the acts or negligence of Purchaser.â€raz

If the owners or whoever may have a legal interest in the property still do not redeem once the notice to "Forecer Bar the Right to Redeem" is filed and placed in the legal organ, the Daily Report, they will have no more than 45 days afterwards to finally redeem that property, otherwise VESTA or whoever is the successful bidder, will get A SHERIFFS TAX DEED to that Property which is NOW legally owned by them--ALL Rights to Redeem have been forfeited at this point--- The new owners may then seek to get Title Insurance, keep it to own, rent, or plan to sell the property accordingly.

If you don't take a little time to do this, then you should stifle yourself the next time you complain about gas prices - by doing NOTHING, you forfeit your right to complain.

Does he then forfeit all rents paid or would I be required to refund it?