Forfeiture
Definition of "Forfeiture"
Loss of property from nonfulfillment of some duty or condition. In some cases, forfeiture is required by a court order, whereas in other cases the nonfulfillment of a contractual debt is enough to result in forfeiture. For example, the loss of a lease can result from the failure to pay rent on time.
Popular Real Estate Terms
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Amounts received from the sale or disposal of real property less all relevant deductions (direct costs associated with the sale or disposal). ...
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