What happens when a domain expires?

Whenever a domain name goes past its expiry date, the host under whom it is bought from, reminds the customer who has bought the domain name that his domain has expired and that it needs to be renewed.

Usually, the domain name is set to a state called parking when it has expired. This means that the domain name is now under an auction list, but not yet released to the market for bidding. The domain name owner can still renew his domain without extra cost. But, after usually 3 or 4 attempts at trying to get the owner renew his domain, and if the owner does not respond or renew it, then the domain is released to be bid for by the host. If nobody buys this domain, then it will be taken back, refurbished, and now added back to the registry for sale, as a fresh domain name. 

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