Which document is typically used to initiate foreclosure proceedings?

The notice of default is the document that is typically used to initiate foreclosure proceedings. This document serves as a formal notice from the lender to the borrower indicating that the borrower has defaulted on their mortgage payment obligations. By sending this notice, the lender is initiating the legal process that can lead to foreclosure if the borrower does not take corrective action, such as curing the default by making the necessary payments.

In the context of the foreclosure process, the notice of default often provides the borrower with a specified time frame to resolve the default before the lender can proceed with further legal actions, including foreclosure. This ensures that borrowers are given a chance to remedy the situation before potentially losing their property.

The other options, while related to real estate transactions, do not serve the purpose of initiating foreclosure. A quitclaim deed is used to transfer ownership interest in a property, a lease agreement pertains to the rental terms between landlord and tenant, and a property appraisal is an assessment of property value but does not initiate any foreclosure process. Understanding the role and purpose of the notice of default is crucial for recognizing the early stages of foreclosure proceedings in real estate practices.