Underwriting Manual: Contracts For Sale

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Underwriting Manual Subtopic
3.52.1

Declaration Of Forfeiture Of Contract For Sale

08/23/2005
V 3

A unilateral vendor's declaration of forfeiture does not suffice to eliminate the rights of a vendee under a contract for sale unless coupled with the protection of a statutory provision.

In the absence of statutory provisions, requirements must be made in connection with either:

  • A proper judicial foreclosure of the contract for sale; or,
  • A proper conveyance of the property duly executed by the vendee and filed for record.