Foreclosure Submission for Purchase Price – Every real estate purchase agreement contains a submission clause. This clause states that the seller of a property can immediately foreclose and seek payment of the purchase price from the buyer if the buyer fails to pay the purchase price on time. The purpose is so that the seller does not have to go to court because of the buyer’s inability to pay.
Foreclosure submission for purchase price at a glance: For the protection of the seller
Is recorded as a submission clause in every contract of sale of a property
The clause states that the seller can immediately enforce and demand payment of the purchase price from the buyer if the buyer does not pay within the time limit.
The purpose is to protect the seller from having to go to court and sue for his payout.
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