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A domain name is something that you license for a fixed period. You do not and cannot own it. Even so, every business invariably invests a great deal in their domain name. It is how people find the company website; it is part of all business email addresses. It's all over your stationery and is probbably even part of your branding. So once you have a domain name, you really don't want to lose it.
Domain name registration renewal reminders are sent out at 90 days, 30 days, five days and on the due date. They are sent to the contact email address in your account.
If not renewed by the due date, your domain name will immediately lapse, and links to your domain will fail.
Renewal may be possible within the first seven days simply by paying the renewal fee but this is not guaranteed. Recovery of the domain name may be possible within the next 30 days, but this depends on the top level domain administration and can also be expensive ($500). If you need to take this path please raise a support ticket here to get the process in motion.
After this period the domain name becomes inaccessible to anyone. It cannot be recovered, and it cannot be re-registered. This period can last up to another 30 days. Bear in mind that your domain is inaccessible since the renewal due-date past.
At the end of this period, it becomes available again for registration by anybody. Once it was possible to wait and then re-register domain names, however, this is a very difficult task today. The automated registration of previously expired domain names is the preserve of domain name dealers who can have your old domain name registered virtually the instant it becomes available.
The only solution after that is to buy it back from them.