The Real Estate Encyclopedia
What does default mean?
Category - Home Ownership Questions - Lease & Renting FAQ's
When the tenant or property owner fail to perform on a duty or obligation specified under the lease agreement, the party is known to be in “default of the contract.”

A default is normally a breach of contract and the non-defaulting party can seek legal remedy to recover any loss.
 
Category(s)
Home Ownership Questions - Lease & Renting FAQ's
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