Escrow & Title
A notice of default is a recorded document that notifies the public that:
AThe seller has defaulted on their listing agreement
BThe borrower is in default on their mortgage and foreclosure proceedings may begin✓ Correct
CThe buyer has defaulted on the purchase agreement
DThe tenant has defaulted on the lease
Explanation
A notice of default is recorded by the lender to formally notify the borrower and the public that the borrower has defaulted on their mortgage and that foreclosure proceedings may follow if the default is not cured.
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