A B C D E F G H [I] J K L M N O P Q R S T U V W X Y & Z
Implied agency – Based on the actions of the parties which imply that they have mutually consented to an agency relationship, an implied agency relationship is formed.
Implied agreement – A contract under which the agreement of the parties is demonstrated by their acts and conduct.
Implied contract – A contract in which the agreement of the parties is demonstrated by their acts and conduct. See also implied agreement.
Implied warranty of habitability – A theory in land lord/tenant law in which the landlord renting residential property implies that the property is habitable and fit for its intended use.
Improvement
- Any structure, usually privately owned, erected on a site to enhance the value of the property–for example, building a fence or a driveway.
- A publicly owned structure added to or benefiting land, such as a curb, sidewalk, street, or sewer.
Income approach – The process of estimating the 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.
Income property – Property held for current income as well as potential profit upon its sale.
Incorporeal right – A nonpossessory right in real estate; for example, an easement or a right-of-way.
Increasing returns – When money spent on improvements produces an increase in income or value.
Independent contractor – Someone who is retained to perform a certain act but who is subject to the control and direction of another only as to the end result and not as to the way in which the act is performed. Unlike an employee, an independent contractor pays for all expenses and Social Security and income taxes and receives no employee benefits. Most real estate salespeople are independent contractors.
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.
Inflation – The gradual reduction of the purchasing power of the dollar, usually related directly to the increases in the money supply by the federal government.
Inheritance taxes – State-imposed taxes on a decedent’s real and personal property.
Inquiry notice – Notice the law presumes a reasonable person would obtain by inquiring into a property.
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.
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 years by paying tax each year only on the proceeds received that year.
Interest – A charge made by a lender for the use of money.
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).
Intermediate theory – Adopted by a number of states, a theory based on the principles of title theory but requires the mortgagee foreclose to obtain legal title.
Interstate Land Sales Full Disclosure Act – A federal law that regulates the sale of certain real estate in interstate commerce.
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.
Intrinsic value – An appraisal term referring to the value created by a person’s personal prefer emcees for a particular type of property.
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.
Investment – Money directed toward the purchase, improvement, and development of an asset in expectation of income or profits.
Involuntary alienation – When title to property may be transferred without the owner’s consent. See alienation.
Involuntary lien – A lien placed on property without the consent of the property owner.
