Forfeiture

Forfeiture

The loss of property or money due to the failure to meet the obligations of a mortgage or loan secured by that property.

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Part of Speech: noun
Synonym(s):
Blossary:
Industry/Domain: Real estate
Category: General
Company: Coldwell Banker
Product:
Acronym-Abbreviation:

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Related terms

forfeiture

Legal services; Courts

A cancellation. A legal action whereby a contract purchaser following default loses all his interest in the property.

forfeiture

Law; General law

A loss or deprivation of goods or property in consequence of a crime, offense, breach of contract, or by way of penalty of the transgressions or punishment for an offense.

forfeiture

Financial services; General Finance

The loss of rights to an asset outlined in a legal contract if a party fails to fulfill obligations of the contract.

forfeiture

Real estate; General

The loss of money, property, rights, or privileges due to a breach of legal obligation.

forfeiture

Real estate; General

The loss of property or money due to the failure to meet the obligations of a mortgage or loan secured by that property.

forfeiture

Mining; General mining; Mineral mining

Penalty incurred in accordance with governing laws and regulations when mining concessions, claims leases, rights, are not adequately, safely, and consistently developed and ...

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