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Real Estate Dictionary
Welcome > Resources > Real Estate Dictionary - A

A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

I

Impound, or Reserves

The portion of a borrower's monthly payments held by the lender to pay for taxes, hazard and mortgage insurance, lease payments, and other items that will come due

Income approach

The method of estimating the value of a property by calculating its generated income

Income property

Real estate developed for the purpose of generating income

Indemnify

To provide for compensation in the case of loss or damage to property

Indemnity

The statement of terms under which loss or damage to property will be compensated

Index

A published interest rate used by lenders to compare the interest rate for an adjustable-rate mortgage (ARM) with that earned by other investments (e.g., the yield on Treasury bills, interest rate on loans from savings and loans institution, etc.), as a result of which the ARM interest rate is adjusted

Ingress

The right to enter on or over a piece of property

Insurable Title

A property title which an insurance company is willing to insure against possible claim

Installment contract, or Contract for deed

A contract for the sale of real estate whereby the buyer is in possession of the property while paying off the purchase price in periodic installments, despite the title being retained by the seller until the future date of final payment

Insured closing letter

An indemnity provided by a title insurance company to a lender, whereby the title insurance company assumes responsibility in the case that the closing agent does not fulfill the terms of the loan, or misappropriates the loan proceeds

Insured mortgage

A mortgage that is protected by the Federal Housing Administration (FHA) or by private mortgage insurance (MI) so that if the borrower defaults on the loan, the insurer compensates the lender the lesser of the loss incurred or the actual insured amount

Interest rate buydown plan

An arrangement made for the initial years of a mortgage whereby the seller (or any other party) deposits money into an account that is then released toward the monthly payments on the mortgage, thereby bringing the mortgagor's interest rate down below the actual interest rate

Interest rate ceiling

The maximum interest rate for an adjustable-rate mortgage (ARM), as specified in the mortgage note

Interest rate floor

The minimum interest rate for an adjustable-rate mortgage (ARM), as specified in the mortgage note

Interim financing

A temporary or short-term loan, often made during the construction phase of a building project, and usually replaced by a permanent long-term mortgage

In testate

The condition of dying without leaving a will. The description of an estate without a will

Involuntary lien

A claim or charge against property placed without the consent of the property's owner

A B C D E F G H I J K L M N O P Q R S T U V W X Y Z



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Real Estate Tips
Time to Move >When It Is Your Move

Contacting different moving companies is one of the first steps in moving to a new house. You will find a variety of service options and price ranges from which to choose, whether you are moving across town or thousands of miles across the country.

Call several companies for estimates. Ask each company exactly how their charges are calculated and what is included. How much insurance is included in the estimate? What is the cost for additional coverage? Are there special provisions for fragile or unusually valuable items? Is the delivery date guaranteed? If economizing is important, ask if there are ways to cut down on the bill by providing your own boxes and packing yourself. Household movers are competitive, and comparison shopping can help you get the best value for your moving dollars.

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Real Estate Trivia
Q 
Fewer than 2 percent of homeowners build this type of home:

A 
Fewer than 2 percent build a custom home; most buy an older home or select from a home builder's menu.
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The Dream Team, REALTOR®, real estate agent and broker for Avon, West Hartford and Simsbury, Connecticut home listings, property and land for sale - NUMBER1EXPERT

Charlie & Barbara Kaylor
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Simsbury, CT 06070
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Charlie and Barbara Kaylor, The Dream Team, have over 24 years combined residential real estate experience. Charlie, Broker Associate, has been awarded the RE/MAX International Platinum Club status for outstanding sales volume and is ranked the #5 RE/MAX Agent in Connecticut. Barbara’s marketing and promotional material has been recognized as the best in the area. The Dream Team is an enthusiastic, knowledgeable and dedicated team of professionals with a genuine love for The Farmington Valley and West Hartford. Partners in business and in life, The Dream Team can’t be beat! Please visit our website www.CTDreamTeam.com to read over 25 testimonials from our clients!

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