Forfeiture or Foreclosure When a buyer defaults on a land contract, the seller can generally pursue one of two legal remedies: forfeiture or foreclosure. Both remedies have advantages and disadvantages. Forfeiture is faster, cheaper and easier, but does not allow you...
Memorandum of Land Contract I prepared a land contract for the seller of an investment home for her tenant. As part of the process, I drafted a Memorandum of Land Contract (“Memorandum”) for the parties. My seller had sold several properties on a land contract but had...
