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Real Estate Glossary of Terms

Begins with Contains Exactly matches

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Term Definition
Implied Warranty of Habitabilitya legal doctrine that requires landlords to offer and maintain livable premises for their tenants. If a landlord fails to provide habitable housing, tenants in most states may legally withhold rent or take other measures, including hiring someone to fix the problem or moving out.
 
Impound Accountsee Escrow Account.
 
Improvementsadditions to raw land such as buildings, streets, sewers, etc. that increase the value of the property.
 
Incidents of Ownershipany control over property. If you give away property but keep an incident of ownership--for example, you give away an apartment building but retain the right to receive rent--then legally, no gift has been made. This distinction can be important if you're making large gifts to reduce your eventual estate tax.
 
Indemnifyto protect another person against loss or damage.
 
IndexThe published cost of money that serves as the minimum basis for determining the interest rate for an adjustable rate mortgage. Among the commonly used indices are the Prime Rate (Prime), the London Interbank Offering Rate (LIBOR), the Cost of Funds (COF) and the 1 year Treasury Bill (1 year T). The particular index is generally, though not always, selected based on how often an interest rate is supposed to adjust. Loans which allow monthly interest rate adjustments commonly use the Prime Rate. Loans that adjust semi-annually may use LIBOR. The 1 year Treasury and the Cost of Funds are often used for loans which adjust on an annual basis. There are other Treasury instruments which are used for 3 and 5 year adjustment periods. The interest rate of the loan is determined by adding a margin to the index. The size of the margin is typically a function of the index used and the credit worthiness of the borrower. Typical margins on a Prime Rate based loan would be 0.0 to 5.0 so that if the Prime Rate were 8.25% and the margin were 2.0 (typical for an "average" borrower), the interest rate would be 10.25% (8.25 + 2.0).
 
Initial Note RateWith regard to an adjustable rate mortgage, the note rate upon origination. This rate may differ from the fully indexed note rate.
 
Installment Contractsee Contract for Deed
 
Installment Salewhen a seller accepts a mortgage for all or part of the sale, tax on the gain is paid as the mortgage principal is collected.
 
Insurance Bindera document that states that insurance is temporarily in effect. Because the coverage will expire by a specified date, a permanent policy must be obtained before the expiration date.
 
Insured Mortgagea mortgage that is protected by the Federal Housing Administration (FHA) or by private mortgage insurance (PMI). If the borrower defaults on the loan, the insurer must pay the lender the lesser of the loss incurred or the insured amount.
 
Inter Vivosduring one's life.
 
Interest Accrual Ratethe percentage rate at which interest accrues on the mortgage. In most cases, it is also the rate used to calculate the monthly payments.
 
Interest RateThe percentage of the loan amount charged for borrowing money; i.e., the cost of the money expressed as a percentage.
 
Interest Rate Buydown Plana temporary buydown gives a borrower a reduced monthly payment during the first few years of a home loan and is typically paid for in an initial lump sum made by the seller, lender, or borrower. A permanent buydown is paid the same way but reduces the interest rate over the entire life of a home loan.
 
Interim Financinga loan, including a construction loan, used when the property owner is unable or unwilliing to arrange permanent financing.
 
Intestatehaving made no valid will.
 


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