Key Real Estate Terms I | Myers & Myers Real Estate

Published On: July 1, 2011|

Definitions Of Key Real Estate Terms I

This article provides the definitions of key estate terms beginning with the letter I.

Illiquid

refers to the fact that certain assets cannot be easily or quickly converted to cash equivalents.

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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Definitions Of Key Real Estate Key Terms C

John Myers Broker / Owner

With over a decade of experience in the real estate industry, I have been proudly serving the Albuquerque and Rio Rancho areas since 2010. As a highly motivated and customer service-oriented professional, I am committed to delivering exceptional results to every client I serve.

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