Definition of "Forfeiture"

Valerie Abercrombie real estate agent
Valerie Abercrombie, Real Estate Agent Better Homes and Gardens Real Estate Main Street Properties

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.

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