In landlord-tenant law, default refers to the failure of a tenant to timely pay rent due. In anticipation of such an occurence, landlords commonly require a new tenant to pay a security deposit, which may be used to remedy defaults in payment of rent and other monetary obligations under the rental agreement. In general, the landlord is required to give the tenant notice of the default before bringing eviction proceedings or applying security deposit proceeds to the payment in default. The fixing of a definite default date for payment of rent can be critical if it becomes necessary to evict a tenant for a default in the payment of rent. Landlords often require a background and/or reference check on prospective tenants in an attempt to minimize defaults in rent payments.
Default On Lease Agreement For Apartment
Description
How to fill out Florida Notice Of Default On Residential Lease?
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FAQ
A ?default? is a failure to comply with a provision in the lease. ?Curing? or ?remedying? the default means correcting the failure or omission. A common example is a failure to pay the rent on time.
For example, failing to deliver goods or services on time, or failing to pay on time would trigger a default. Often, these provisions enable the non-defaulting party to cancel the contract, but often these provisions set forth the conditions which must first arise.
Material default legal definition refers to a party's failure to honor the clauses in a contract. A contract is, by definition, a set of clauses that the signing parties agree to fully fulfill. When that does not happen, it is considered a breach of contract and may result in legal action.
A default is a failure to fulfill an obligation. Defaulting is most common in regards to debtor-creditor law and contract law.
Default terms, such as implied warranties, apply absent evidence of the parties' contrary agreement. Default terms are specified in the transaction documents and commonly include the debtor missing one or more payments or failing certain liquidity measures, among other events.
