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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 |
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Income approach |
The method of estimating the value of a property
by calculating its generated income |
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Income property |
Real estate developed for the purpose of
generating income |
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Indemnify |
To provide for compensation in the case of loss
or damage to property |
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Indemnity |
The statement of terms under which loss or
damage to property will be compensated |
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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 |
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Ingress |
The right to enter on or over a piece of
property |
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Insurable Title |
A property title which an insurance company is
willing to insure against possible claim |
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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 |
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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 |
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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 |
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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 |
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Interest rate ceiling |
The maximum interest rate for an adjustable-rate
mortgage (ARM), as specified in the mortgage note |
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Interest rate floor |
The minimum interest rate for an adjustable-rate
mortgage (ARM), as specified in the mortgage note |
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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 |
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In testate |
The condition of dying without leaving a will.
The description of an estate without a will |
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Involuntary lien |
A claim or charge against property placed
without the consent of the property's owner |
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Did I Miss the Word YOU Are Looking For? Is there a real estate word that I failed to explain here in my dictionary for homebuyers and sellers? Let me be your personal real estate dictionary! I'll send a brief explanation of any word or term that you encounter when buying and selling property. Do you have a suggestion of a real estate word that should be included? Let me know! I always appreciate feedback. Do any of these definitions raise questions for you? Didn't find the word you're looking for? Let me know! I'm happy to answer ANY questions. It's my job! There's no obligation, and I promise to get back to you quickly... 
Selling Your Home >Selling Selling Sold
Although your real estate agent is responsible for marketing your property, it requires a joint effort to get your home sold.
How can you empower your agent? It is very important that you feel absolutely confident in your agent's ability to produce results--no matter what the market is like in your area! This may sound like stating the obvious, but it is important to let your real estate agent know you trust them to get the job done. Support that trust by putting a realistic price tag on the property and keeping it in prime showing condition. Work out showing agreements that will make it easy for agents to preview or show your home. Meet periodically to discuss any feedback from buyers who have seen your home to determine how you can improve its appeal.
Don't hesitate to share any ideas you may have about marketing your home. I will try anything that works, and have received some very good suggestions from clients.
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| Q |
What is considered one of the slimmest buildings ever designed?
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| A |
The Carnegie Hall Tower, designed by Cesar Pelli, is only 50 feet wide and 60 stories high. |
 See More Real Estate Trivia > |
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NUMBER1EXPERT™
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All rights reserved. All information deemed reliable but not guaranteed. |
- NUMBER1EXPERT™ 
