Default – Not a good thing….

The following acts or omissions of the buyer are declared by the standard RANM form to be events
of default, for which the seller may pursue his remedies:

· failure to make payments on the debt to the seller as required by the contract;
· failure to make payments on an assumed obligation in accordance with its terms;
· failure to pay property taxes or other assessments as they become due;
· failure to reimburse seller for payment of delinquent taxes;
· failure to maintain hazard insurance as required by the contract;
· failure to reimburse seller for insurance premiums advanced to protect the property;
· selling or encumbering the property without seller’s prior written consent, if required.

If you find yourself in default, seek legal counsel immediately.