Effect of Forfeiture. Upon default and forfeiture after proper notice of default and intent to forfeit and failure of the purchaser to substantially cure the default, the purchaser's equitable right of redemption shall be extinguished by: (1) A mutual termination executed by the parties and recorded in the office of the register of deeds of the county in which the property is located, or (2) A final judgment or court order entered by a court of competent jurisdiction that terminates the purchaser's rights to the property and extinguishes the equity of redemption. A certified copy of the order shall be recorded in the office of the register of deeds of the county in which the property is located pursuant to G.S. 1-228.
Appears in 9 contracts
Sources: Option to Purchase Contract, Contract for Deed, Option to Purchase Contract