Definition of "Notice of default"

Jamie Edwards real estate agent

Written by

Jamie Edwardselite badge icon

Professional Realty Services

Letter sent an individual informing him or her they are in default on an agreement. Normally, a notice of default will give the defaulting party the terms necessary to remedy a default and the time period during which the remedy must occur. It will also state what actions will occur if the default is not remedied within the time period specified.

image of a real estate dictionary page

Have a question or comment?

We're here to help.

*** Your email address will remain confidential.
 

 

Popular Real Estate Terms

Land that has poor income potential, usually used in an agricultural sense meaning that the land is untellable, has poor access, is extremely steep, has suffered serious erosion, is ...

A situation that occurs when borrowed funds cost more than they produce. ...

Expenditure paid to occupy property over a specified time period. ...

Floor design to provide sound insulation qualities. A floating floor is separated from the building's structure by use of special resilient materials, often fabricated from fiberglass, or ...

The interest rate charged for a loan. For example, John obtained a $10.000 loan from the bank charging 10% interest. ...

mortgage being reduced through periodic principal and interest payments. ...

Use of other people's money (OPM) in an attempt to maximize the return but at high risk. The use of leverage in real estate investing is a way to maximize yield on a small down payment. ...

The initial lessee of rented property who then leases it to a subtenant. ...

Same as term resale proceeds: Net amount received when property is sold. It equals the selling price less outstanding mortgage balance less all costs incurred in connection with the sale. ...

Popular Real Estate Questions