Property and real estate glossary
There are 150 entries in this glossary.I
| Term | Definition |
|---|---|
| IMDEMNITY |
Insurance against possible loss or damage. A title insurance policy is a contract of indemnity. |
| IMPOUNDS |
A trust type of account established by lenders for the accumulation of borrower's funds to meet periodic payments of taxes, mortgage insurance premiums, and/or future insurance policy premiums, required to protect their security. |
| IMPROVED LAND |
Any parcel of land which has been changed from its natural state through the creation of roads, buildings or other structures. |
| IMPROVEMENT RATIO |
The comparative value of an improved piece of land to its natural, unaltered state. |
| IMPROVEMENTS |
Any item added to vacant land with the intent of increasing its value or usability. |
| INCOME APPROACH |
The process of estimating the value of property by considering the present value of a stream of income generated by the property. |
| INCOME PROPERTY |
A piece of property whose highest and best use is the generation of income through rents or other sources. |
| INDEPENDANT APPRAISAL |
An estimation of value created by a professional, certified appraiser with no vested interest in the value of the property. |
| INSPECTION |
The examination of a piece of property, its buildings or other amenities. |
| INSURABLE TITLE |
The title to property which has been sufficiently reviewed by a title insurance company, such that they are willing to insure it as free and clear. |
| INTEREST RATE |
A percentage of a loan or mortgage value that is paid to the lender as compensation for loaning funds. |
| INVESTMENT PROPERTY |
Any piece of property that is expected to generate a financial return. This may come as the result of periodic rents or through appreciation of the property value over time. |