Definition
A recorded notice starting the foreclosure process after a borrower fails to cure a payment default.
Example
The notice of default opened a statutory reinstatement period before the trustee sale could be scheduled.
Related terms
- Abstract of Title
- Adverse Possession
- Affidavit of Title
- Certificate of Occupancy
- Chain of Title
- Cloud on Title
Frequently asked questions
What does Notice of Default mean in real estate?
A recorded notice starting the foreclosure process after a borrower fails to cure a payment default.
How is Notice of Default used in practice?
The notice of default opened a statutory reinstatement period before the trustee sale could be scheduled.
This definition is provided for educational purposes. Legal and tax terminology can carry jurisdiction-specific meaning — confirm with a licensed professional before relying on it in a transaction.