"Real Estate Glossary - Letter I

Income property

A real property that generates an income such as rent.

Income statement

A financial report containing the sources and amount of revenues and corresponding expenses, costs and losses.

Indemnity

An insurance to protect from any future loss.

Independent contractor

A legal term for an individual hired for a specific task but is not considered to be an employee.

Independent fee appraiser

A third party with no holding interest on a property and is responsible for providing a fair estimate on the value of a property.

Index lease

A lease with a varying rental amount based on established cost or price indexes.

Inflation

An economic situation in which consumer prices increases while the value of currency decreases.

Infrastructure

Ahe basic services, facilities and equipment needed by a community for purposes such as communication, transportation, etc

Ingress

A means or place to enter.

Inheritance taxes

Government-imposed taxes on properties received through legal succession or terms of a will.

Insurable interest

An ownership interest of a person which should be protected from loss or damage.

Insurable title

A title which is free from all claims and thus can be protected or covered by a title insurance company.

Insurable value

A value of interest that can be protected.

Insured mortgage

a mortgage with an insurance policy that is guaranteed by a party other than the borrower; protects lenders in case of default.

Inspection

any investigation on a document’s accuracy and credibility or a property’s physical condition before purchase is made.

Installment loan

a loan in which payment is made periodically and total amount (principal plus interest) is distributed equally over a certain period of time.

Installment sale

a sale of a property in which payment is spread over a number of years for tax purposes.

Intangible assets

assets that can not be physically touched.

Interest-only loan

a loan in which borrower is allowed to pay the interest periodically and the principal amount in lump sump at the end of the loan term.

Interest rate

calculated annually or monthly as percentage and is the amount a lender charges for the use of a certain amount of borrowed money.

Inventory

a detailed list that includes quantity and amount of particular items.

Investment

any property purchased with profit or return of capital in mind.

Involuntary lien

any claim imposed on a property without the owner’s consent and even knowledge such as government taxes.

Irrevocable

a condition that is impossible to retract, change or undo.