Misquotes have life cycle. Water has live cycle. So is domain name.
Available Domain Names
In any domain name lifecycle, the first stage is its availability. Here, the domain name is available and not registered by any entity. Use a registrar to search for an available domain name and go for it. These domain names are available for registration for a period of 1 to 10 years. Truth be told. You don’t purchase a domain name, you rent it and it can be terminated anytime you misbehave
Day 1: You’ve Just Registered Your Domain Name
On the first day of registration your domain name is registered at the domain registry (the company that sold the domain name to you. Eg is Namecheap). It’s setup in DNS. Within the next 48 hours (depending on DNS propagation) your domain name will resolve and appear in domain WHOIS lookups, such as http://whois.net/.
During the first few days, it is still possible to have your domain name deleted from the registry in case you change your mind or there is a spelling error.
But you won’t get your your money back and you can’t fix the spelling error. In fact, you can’t fix any spelling error in domain name after paying for it. Please double check your spelling before buying it.
Day 5: Your Domain Name Cannot Be Revoked or Deleted From the Registry
By the end of the 5th day of registration the domain name cannot be revoked or deleted from the domain registry.
Day 60: The Domain Transfer Lock is Removed
During the first 60 days, all domain registrations are non-transferrable due to a registry lock. After 60 days have passed, you can transfer your domain name to any ICANN accredited Registrar.
Day 365: End of Domain Registration, Beginning of Grace Period
One year after the domain was registered it will expire and enter into a 40 day grace period. Thus, if you don’t renew it. The domain name will stop resolving and all Namecheap services will be terminated. Hosting and domain forwarding services will be disabled and any associated email addresses will stop receiving new email; senders will receive a bounce back error message if they try to send an email to an email address using an expired domain.
During the grace period the domain owner can renew their domain and Namecheap services at any time at their regular price without penalty.
Day 405 (40 Days After Expiration): 40-Day Grace Period Ends, Beginning of Redemption Period
Please be advised that domain redemption may not be available for all domain names!
After the 40 day grace period the domain name is deleted from the registration database. The domain registry will provide an additional 30-day redemption period. During the redemption period the domain owner can have their domain name redeemed by paying a redemption fee in addition to the cost of a one year service renewal. The amount depends on the registrar and the domain extension. It could range from $100-$200
During redemption, you may notice the domain’s expiration date in WHOIS lookups has moved ahead one year in the registry database. This is a temporary auto renewal at the registry.
Day 435 (70 Days After Expiration): Redemption Period Ends
70 days after expiration the redemption period ends. The domain name will be placed in a “Pending Delete” status at the registry for up to five days. During this time, it is not possible to redeem or recover the domain name.
Day 440 (75 Days After Expiration): The Domain Name is Deleted From the Registry
After the five day pending delete period, the domain will be deleted from the registry. At this point, the domain will be available to the general public for new registration.
How it’s release to the general public is something else altogether. If you still need the domain, then you should be read to be the first person to catch it when released.
To be able to catch it, you should be able to check from whois.net about 100 times every second. To see if its available. Yes! 100 times every second. Remember, you are now competing with the world.
If you can’t (and the fact is you can not. There is no human that can), then u have to hire a company that has powerful computers to do that 100 checks/second for you.
A company that does that check is called a Drop Catcher.
Being the first person to catch expire domains is a complete business. You can learn more here in case you want to setup such a company