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.