REAL ESTATE DICTIONARY
{loadposition dictionary}
| IMPOUND ACCOUNT | An account held by a lender that is used by him or her to advance payments of certain expenses or charges that are incidental to property ownership and that may protect the lender’s security |
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IMPROVEMENTS |
An addition to land which costs labor or capital (buildings, pavements, etc.), more or less permanently attached. More than repair or replacement |
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INCOME PROPERTY |
Property owned or purchased primarily for the monetary return it will bring. It may be classified as commercial, industrial, or residential. |
| INCUMBRANCE | Any right to or interest in property interfering with its use or transfer, or subjecting it to an obligation. In connection with foreclosure property, the most likely incumbrances are mortgages and claims for unpaid taxes |
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INDEMNIFY |
To protect against or keep free from loss/ damage. To insure. To repay for loss/damage. To compensate for loss, reimburse. |
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INDUSTRIAL INSTALLATION |
Active or inactive industrial facility held by the Department of the Army for production of weapons, systems, munitions, components, and supplies. |
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INGRANT |
Property acquired for Army or Air Force used by lease, license, or permit; not fee. |
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INLEASING |
The leasing of real estate interests therein, and improvements thereon for military and civil works purposes. Generally, also leasing of land/improvements by the Corps for other Government agencies. |
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INSTALLATION |
Land and improvements controlled by the Department of the Army and used by Army organizations for Army functions. |
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INSTALLED BUILDING EQUIPMENT |
Equipment and furnishings required to make a building usable and attached as a permanent part of the structure (e.g., docks, overhead crane, etc.) |
| INSTALLMENT | Parts of the same debt, payable at successive periods as agreed; payments made to reduce a mortgage |
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INSTALLMENT CONTRACT |
Purchase of real estate upon an installment basis; upon default, payments are forfeited. Often called a LAND CONTRACT, the deed to the property is not given to the purchaser until either all or a certain portion of the purchase price has been paid. |
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INSTRUMENT |
A written legal document created to affect the rights of the parties. |
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INTEREST RATE |
The rate of return on an investment, specifically, the rate charged on borrowed money. |
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INTERNAL CONTROL |
The organization and methods within a Federal agency which guard against fraud, waste, abuse, and mismanagement of resources. |
| INTERNAL REVENUE SERVICE | The arm of the U.S. government that collects taxes |
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INTESTATE |
A person who dies having made no will, or one defective in form; in which case, his estate descends to his heirs at law or next of kin. |
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INVOLUNTARY LIEN |
A lien imposed against property without consent of the owner; example: special assessments and Federal income tax. |
| IRS | See Internal Revenue Service |
