It shall be a condition to forfeiture of a real estate contract that: (1) The contract being forfeited, or a memorandum thereof, is recorded in each county in which any of the property is located; (2) A breach has occurred in one or more of the purchaser's obligations under the contract and the contract provides that as a result of such breach the seller is entitled to forfeit the contract; and (3) Except for petitions for the appointment of a receiver, no arbitration or judicial action is pending on a claim made by the seller against the purchaser on any obligation secured by the contract.
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