The phrase "buyer default" refers to a situation where someone who agreed to buy something fails to fulfill their commitment or pay for it. Full definition
This protects the lender in the event that the home buyer defaults. (theglobeandmail.com)
I kind of want to avoid owner financing because of buyer default which it means it could be messy and expensive for seller with a possible foreclosure. (biggerpockets.com)
The Canadian Mortgage and Housing Corporation provide mortgage loan insurance to lenders in case buyers default on their mortgages. (syndicatemortgages.com)