notice of default

notice of default
A statement, usually written, from one party to a contract to another, advising the recipient that he or she has failed to live up to a term or condition of the contract. Although defaults are most common in real estate, they can happen in any contract situation. A notice of default can result when a homeowner fails to pay as required under his mortgage or deed of trust. In a lease situation, a notice of default can be sent by either the landlord or tenant, claiming that one of them has violated a condition of the lease. If the defaulting party fails to correct, or cure, the default, the other side may declare the contract to be over, by instituting foreclosure proceedings, an eviction, or taking any other act, depending on the nature of the contract, that ends the contractual relationship.
Category: Real Estate & Rental Property → Buying a House
Category: Representing Yourself in Court
Category: Small Claims Court & Lawsuits

Nolo’s Plain-English Law Dictionary. . 2009.

notice of default
n.
   a notice to a borrower with property as security under a mortgage or deed of trust that he/she is delinquent in payments. If the delinquency (money owed and late), plus costs of preparing the legal papers for the default, are not paid within a certain time, foreclosure proceedings may be commenced. Other people with funds secured by the same property are usually entitled to receive copies of the notice of default.
   See also: notice

Law dictionary. . 2013.

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