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.
Rent Default Meaning With Example
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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.
1. : to fail to do something that legally must be done. especially : to fail to make the payments you must make on a loan, mortgage, etc. He defaulted on his loan (payments). If the borrower defaults, the bank can take the house.
Where a tenant fails to make rent payments or falls behind on them, they can be said to be in default. Default on payment of rent can lead in turn to a landlord being unable to make their mortgage payments, thereby threatening their property interest.
To fail to do something, such as pay a debt, that you legally have to do: People who default on their mortgage repayments may have their home repossessed. SMART Vocabulary: related words and phrases. Failing and doing badly. abjectly.
"Defaulting resident" means a resident who fails to pay for his or her occupancy in a park, fails to comply with reasonable written rules and regulations of the park given to the resident upon registration or during the term of his or her occupancy in the park, or who violates any of the provisions contained in Article ...
