Formal written notice from a lender to a borrower that default has occurred.

The valve inside a toilet tank that controls the filling of the tank. An appraisal practice which estimates the value of a property by comparing it to comparable properties which have sold recently. Often occurs when zoning changes after a property is in use. The framing elements above an opening such as a window or door. The payout of funds from an escrow account to pay property expenses such as taxes and insurance. Any item added to vacant land with the intent of increasing its value or usability. An amount retained by a third party in a trust to meet a future obligation. The metal used around the base of roof mounted equipment, or at the junction of angles used to prevent leaking. The trough around the edge of the roof that catches and diverts rain.

The evolution of neighborhood use and demographics over time. The comparative value of a improved piece of land to its natural, unaltered state. Economic fluctuations, municipal zoning changes and population shifts can effect the life cycle. Any property which has no outstanding claims or liens against it. The examination of a piece of property, its buildings or other amenities. Electrical cable shrouded in a galvanized steel outer cover. Built-in microwave ovens and dishwashers are common examples. An insurance policy taken out by appraisers to cover their liability for any mistakes made during the appraisal process.

Commonly, the conversion of a rental property such as an apartment complex into a CONDOMINIUM-style complex where each unit is owned rather than leased. Material used around windows and doors to prevent drafts. The state in which a borrow has failed to meet payment obligations on time.