Definition of "Notice of default"

Jamie Edwards real estate agent
Jamie Edwards, Real Estate Agent 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.

Have a question or comment?
We're here to help.

*** Your email address will remain confidential.


Popular Real Estate Terms

Popular Real Estate Questions