REAL ESTATE DICTIONARY - I
Impound Account
Account held by a lender for payment of taxes, insurance
or other related expenses. Also known as an escrow account.
Improvement
Valuable additions to property which raise the value
of the property.
Incidental Recording, Delivery, Wire, etc., Fees
Other costs that are incurred when a real estate loan
is closed.
Index
A published rate or benchmark measure of current interest
rate levels used to calculate periodic changes in rates
charged on adjustable rate mortgages.
Installment Sale
A tax term used to describe a sale which is usually
accomplished by use of a land contract.
Insured Mortgage
A mortgage insured against loss to the mortgagee (lender)
in the event of default and failure of the mortgaged
property to satisfy the balance owing plus cost of foreclosure.
Interest Payment Notification (1098)
A federal tax form that lenders use at year end to notify
borrowers of the interest that was paid on their mortgage
over the last year.
Interest Rate
The percentage of an amount of money which is paid for
its use for a specified time.
In testate
Someone who has died without leaving a valid will.
Investment Property
A property that is not occupied by the owner and in
most cases produces income or is held for gains from
appreciation.
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