After the registration term for the domain is over, it does not become available for a new registration immediately. First, it has to go through some intermediary states.
1. Domain parking (or payment delay period)
Domain parking happens when the domain hasn’t been renewed after the registration term ran out.
During parking, domain registrar deletes all the DNS records of the domain from its NS servers. The owner of the domain gets norification about it via e-mail.
The domain parking term is determined by the contract. Some registrars do not do parking and simply have a payment delay period, during which a website remains active.
After the parking period — or payment delay period — is over, the domain is deleted from the databases and the redemption period begins.
2. Redemption period
During the redemption period you can still restore control over the domain, but you will have to pay a fee. The price is determined by the registrar and usually is around $70 or more.
The redemption period is 30 days long.
3. Pending Delete period
After the redemption period is over, the registrar needs time in order to completely delete domain. You cannot restore control over the domain during this period and it cannot be registered again just yet.
The Pending Delete period usually takes about 5 days. After that, the domain can be registered by anyone.
It takes around 2-3 months since the first missed payment before the domain can be completely liberated. During most of this time, you still can restore control over it.