Real Estate Glossary

Forfeiture

inflation calculator
Richard Wilson
Written by Richard Wilson

Forfeiture is the loss of property or privilege due to an individual breaking the law. In the event of one, the government has the power to seize and sell the property at auction before the owner has been allowed the due process of a trial. The property is often sold below its market value. Should the owner not be found guilty, the government is then only required to pay back the amount received at auction and not the property’s market value.

Forfeiture is the loss of property or privilege due to an individual breaking the law. In the event of one, the government has the power to seize and sell the property at auction before the owner has been allowed the due process of a trial. The property is often sold below its market value. Should the owner not be found guilty, the government is then only required to pay back the amount received at auction and not the property’s market value.

About the author

Richard Wilson

Richard Wilson

Leave a Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.