Definitions Of Key Real Estate Terms I
This article provides the definitions of key estate terms beginning with the letter I.
Illiquid
Impact Fees
are fees charged by municipalities against new construction to compensate for the added costs of the public services generated by the new construction
Implied Contract
is an unwritten agreement inferred by the actions of the parties
Improvement
is any structure erected on a site to enhance the value of the property
Income Approach
is the process of estimating the value of an income producing property through capitalization of the annual net income expected to be produced by the property during its remain useful life
Income Property
is property held for current income as well as the potential profit from appreciation
Inflation
is the gradual reduction of the purchasing power of the dollar
Inheritance Taxes
is the government imposed tax on a decedent’s real and personal property
In House Transaction
is a transaction where the only broker in the transaction is the listing broker
Installment Contract
is a contract for the sale of real estate whereby the purchase price is paid in periodic installments by the purchaser
Interest
is the charge made by a lender for the sue of money
Interest Only Mortgage
is a mortgage that only requires the interest payment due on a periodic basis with the principal due at a predetermined time
Intestate
is the condition referred to when an individual dies without leaving a will.
Interest Rate Cap
is the maxim mum allowable increase for an adjustment period on an adjustable rate loan. May also be the maximum allowable increase over the entire duration of an adjustable rate loan
Intrinsic Value
is an appraisal term used when referring to the value created by an individual’s personal preference for a particular type of property or geographical area based on the features and amenities the area has to offer
Inverse Condemnation
is an action brought by an owner of real estate seeking just compensation for land taken for public use when the taker of the property does not seek to bring eminent domain proceedings.
Investment
is money directed toward the purchase, improvement, or development of an asset in expectation of producing a profit
Involuntary Lien
is a lien placed on a property without the consent of the property owner.
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