Vermont Statutes Title 12 Sec. 4969
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Terms Used In Vermont Statutes Title 12 Sec. 4969
- Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
- Mortgagee: The person to whom property is mortgaged and who has loaned the money.
§ 4969. Failure of sale; resale
If the purchaser does not pay the balance of the purchase price according to the terms of the sale, and at the option of the mortgagee, the down payment, if any, shall be forfeited and the foreclosure sale shall be void. (Added 2011, No. 102 (Adj. Sess.), § 1.)