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A seller default provision is an essential component of a real estate contract, providing legal remedies for a buyer in the event of a seller's failure to meet their obligations under the agreement.

The buyer default provision is a clause that outlines the specific circumstances under which a buyer can be deemed to be in default of the contract. These may include failure to provide the required deposit, failure to obtain financing, or any other material breach of the contract.

A purchase agreement, also referred to as a purchase contract, real estate sales contract, or real estate purchase contract, is an agreement between a buyer and seller that spells out the terms of a real estate transaction.

Rather than receive title to the home up front, the buyer would sign a Uniform Real Estate Contract (also known as an installment contract, or a contract for deed), pursuant to which the buyer would move into the home and make payments to the seller over time.

If a seller defaults, the buyer has every right to sue for specific performance and for damages. When a seller defaults, it's usually because he or she believes they can get a higher price for the property.

The power of sale clause in a mortgage note states that the lender has the power to sell the property in the case of a homeowner's default. In other words, it gives your lender the right to sell your home and use the proceeds to pay your outstanding balance if you fail to pay your mortgage.