"Cure the default" refers to the process of fulfilling the obligations outlined in a contract after receiving a notice of intent to forfeit. This includes paying any costs and attorney fees specified in the contract, as well as making any payments that have become due after the notice was issued. Essentially, it allows a purchaser to rectify their default and maintain their rights under the contract.
This term is commonly used in civil law, particularly in real estate and contract law. It is relevant when a party to a contract fails to meet their obligations, prompting the other party to issue a notice of intent to forfeit. Users can often manage these situations themselves using legal templates and forms provided by services like US Legal Forms, which are drafted by qualified attorneys.
Here are a couple of examples of abatement:
Example 1: A homeowner receives a notice of intent to forfeit due to missed mortgage payments. To cure the default, they pay the overdue amount along with any late fees and attorney costs specified in the notice.
Example 2: A tenant receives a notice for non-payment of rent. They cure the default by paying the owed rent and any associated fees before the deadline mentioned in the notice. (hypothetical example)
Examples of state differences (not exhaustive):
| State | Details |
|---|---|
| California | Allows a 3-day notice to cure default for rental agreements. |
| Texas | Requires a 10-day notice before forfeiture proceedings can begin. |
| Florida | Offers a 15-day period to cure defaults in certain contracts. |
This is not a complete list. State laws vary, and users should consult local rules for specific guidance.
| Term | Definition | Key Differences |
|---|---|---|
| Cure the default | Rectifying a failure to meet contract obligations. | Specific to fulfilling obligations after a notice is issued. |
| Forfeiture | The loss of rights due to failure to comply with a contract. | Forfeiture occurs when the default is not cured. |
| Default | A failure to fulfill a contractual obligation. | Default is the state leading to the need to cure. |
If you receive a notice of intent to forfeit, it is crucial to act quickly. Review the notice carefully to understand your obligations and the deadlines for curing the default. You may want to:
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| Attribute | Details |
|---|---|
| Typical Fees | Varies by contract; may include late fees and attorney costs. |
| Jurisdiction | Varies by state; consult local laws. |
| Possible Penalties | Loss of rights under the contract if not cured. |
It means fulfilling the obligations outlined in a contract after a notice of intent to forfeit has been issued.