IMPLIED - Something
apparent from the circumstances, rather than from direct action or
communication.
IMPLIED CONTRACT
- A binding contract created by the actions of principals, rather than
by written or oral agreement of the parties. An Implied Contract may
not be enforceable in court.
IMPROVEMENTS -
Generally, buildings, but may include any permanent structure or other
development, such as a street, utilities, etc..
INCUMBRANCE (ENCUMBRANCE)
- A claim, lien, charge, or liability attached to and binding real
property. Any right to, or interest in, land which may exist in one
other than the owner, but which will not prevent the transfer of fee
title.
INDEMNITY AGREEMENT
- An agreement by which one party agrees to compensate another for any
loss or damage the latter may suffer.
INDEPENDENT APPRAISAL
- An appraisal by one who has no interest in the property or nothing to
gain from a high or low appraisal.
INDEX - A factor
used to calculate the interest on an adjustable rate mortgage.
INDORSEMENT (ENDORSEMENT)
- The act of the holder of a note, bill, check, or other negotiable
instrument, of assigning said instrument by signing the back of the
instrument, with or without qualifications.
INGRESS AND EGRESS -
A right to enter upon and pass through land.
IN GROSS - Personal
rather than attached to land. An easement in gross has no dominant
tenement.
IN PERPETUITY - Of
endless duration; forever.
INSPECTION
- An examination of property for various reasons, such as a termite
inspection, inspection to see if required repairs were made before
funds were released. To determine the general condition of a building.
INSTALLMENT SALE OR CONTRACT
- A tax term used to describe a sale which is usually accomplished by
use of a land contract. If the seller receives less than x percent (at
the time this was written 30%) of the sale price in the year of the
sale (not including interest), the tax on the profit (gain) from the
sale may be paid over the installment period, providing the percentage
rule is followed each year.
INSURABLE VALUE
- Value of property for insurance purposes. Based on the value of the
property, less indestructible parts (land) for fire insurance. For
insurance purposes the sales price, market value, or replacement value
is used.
INSURANCE
- A contract under which, for a consideration, one party (the insurer)
agrees to indemnify another (the insured) for a possible loss under
specific conditions. May be loss of life, health, property, or property
rights.
INSURED MORTGAGE
- A mortgage insured against loss to the mortgagee in the
event
of default and a failure of the mortgaged property to satisfy the
balance owning plus costs of foreclosure. May be insured by FHA, VA or
by independent mortgage insurance.
INTEREST RATE
- The percentage of an amount of money which is paid for its use for a
specified time. Usually expressed as an annual percentage rate.
INTERIM FINANCING -
Temporary financing, usually for construction.
INTERLOCUTORY DECREE
- A provisional or temporary decree, pending some contingency before a
final decree. Sometimes the contingency may be only the passage of
time.
INTERPLEADER
- A court action which may be filed in an existing case to be the
initial action. One holding funds which are in dispute, but not having
in interest in the funds, would file an interpleader. Example would be
an escrow agent holding a deposit of a buyer which funds both buyer and
seller claim to be entitled. Escrow is willing to give the funds to
either party (buyer or seller) but does not want to be liable. The
interpleader filed by the escrow agent asks the court to determine to
whom the funds should be awarded.
IN TESTATE
- Without leaving a will, or leaving an invalid will so that the
property of the estate passes by the laws of succession rather than by
direction of the deceased.