Fees collected from developers of new homes to pay for schools, parks, and other facilities. …
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I
Impact Fees
Implied Warranty Of Habitability
Legal doctrine stating that all new homes are assumed to be fit for human habitation and meet all building codes. …
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Impounds
A portion of the monthly mortgage payment that is placed in an account and used to pay for hazard insurance, property taxes and private mortgage insurance. …
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Improvement
A change that adds value to a house, prolongs its useful life, or adapts it to new uses. …
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In-file Credit Report
A computer-generated report drawn from credit repositories and generally regarded as an objective history. …
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Income Property
Property that is not occupied by the owner but is used to generate income. …
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Incurable Defect
A defect in a property that cannot be fixed, such as an adjacent hazardous waste site, or one that would cost too much to repair relative to the value of the property. …
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Independent Contractor
A person hired to do a particular job, subject to the direction of a supervisor. An independent contractor pays for his or her own expenses and taxes, and receives no employee benefits. Most real estate agents are independent contractors. …
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Index
Financial tables used by lenders to calculate interest rates on adjustable mortgages and on Treasury bills. …
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Individual Retirement Account (IRA)
A tax-deferred savings account in which a person may accrue retirement funds. …
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