- improvement
- (1) Any structure, usually privately owned, erected on a site to
enhance the value of the property - for example, building a fence or a
driveway.
- (2) A publicly owned structure added to or benefiting land, such as
a curb, sidewalk, street, or sewer.
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- income approach
- The process of estimating value of an income-producing property
through capitalization of the annual net income expected to be
produced by the property during its remaining useful life.
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- incorporeal right
- A nonpossessory right in real estate; for example, an easement or a
right-of-way.
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- index
- A published interest rate to which the interest rate on an
Adjustable Rate Mortgage (ARM) is tied. Some commonly used
indexes include the 1 Year Treasury Bill, 6 Month LIBOT, and the 11th
District Cost of Funds (COFI)
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- index method
- The appraisal method of estimating building costs by multiplying the
original cost of the property by a percentage factor to adjust for
current construction costs.
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- installment contract
- A contract for the sale of real estate whereby the purchase price is
paid in periodic installments by the purchaser, who is in possession
of the property even though title is retained by the seller until a
future date, which may be not until final payment. Also called a
contract for deed or articles of agreement for warranty
deed.
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- installment sale
- A transaction in which the sales price is paid in two or more
installments over two or more years. If the sale meets certain
requirements, a taxpayer can postpone reporting such income until
future year by paying tax each year only on the proceeds received that
year.
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- interest
- A charge made by a lender for the use of money.
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- interim financing
- A short-term loan usually made during the construction phase of a
building project (in this case often referred to as a construction
loan).
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- Interstate Land Sales Full Disclosure Act
- A federal law that regulates the sale of certain real estate in
interstate commerce.
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- intestate
- The condition of a property owner who dies without leaving a valid
will. Title to the property will pass to the decedent's heirs as
provided in the state law of descent.
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- intrinsic value
- An appraisal term referring to the value created by a person's
personal preferences for a particular type of property
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- inverse condemnation
- An action brought by a property owner seeking just compensation for
land taken for public use when the taker of the property does not
intend to bring eminent domain proceedings. Property is
condemned because its use and value have been diminished due to an
adjacent property's public use.
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- involuntary lien
- A lien placed on property without the consent of the property owner.
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