Which of the following is an appropriate situation for forfeiture under a land contract in Indiana?

a. The buyer has paid 50% of the amount of the contract and then defaults.

b. The buyer defaults and then seeks to retain possession because he/she is paying taxes and insurance on the property.

c. The buyer abandons and absconds the property.

d. The buyer has substantial equity in the property when he/she defaults.

Question

Social Studies

Zena

25 October, 05:48

Which of the following is an appropriate situation for forfeiture under a land contract in Indiana?

a. The buyer has paid 50% of the amount of the contract and then defaults.

b. The buyer defaults and then seeks to retain possession because he/she is paying taxes and insurance on the property.

c. The buyer abandons and absconds the property.

d. The buyer has substantial equity in the property when he/she defaults.

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Answers (1)

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Carissa Cortez · Answer 1

c. The buyer abandons and absconds the property.

Explanation:

According to Indiana land law, forfeiture is possible when the buyer of a property abandons and absconds the property. Other conditions where forfeiture is possible includes; a situation were the buyer has paid minimum amount on the property and insist on retaining it even though the seller is still the one paying tax, insurance and other upkeep of the property