Real Estate Glossary
Lansing Area Real Estate
REAL ESTATE
 
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identification period
The period during which the exchanger must identify replacement property in a 1031 tax deferred exchange. The identification period starts on the day the exchanger transfers the first relinquished property and ends at midnight on the 45th day thereafter.

implied agency
An agency agreement created by the actions of the parties, and not a stated (written or verbal) agreement.

implied easement
When the owner of two or more adjacent properties sells a part thereof, he or she grants by implication all those apparent and visible easements which are necessary for the reasonable use of the property granted.

implied warranty
A theory in landlord/tenant law in which the landlord renting residential property implies quiet enjoyment of the property or that the property is habitable.

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.

income and expense report
A financial report generated by a property manager that details the income and expenses from a property and the amount remitted to the owner.

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 ratio
The relationship between a person's total income and the amount needed to make one month's mortgage payment.

increasing and diminishing returns

The addition of more improvements to land and structures which increases value only to the assets' maximum value. Beyond that point, additional improvements no longer affect a property's value. As long as money spent on improvements produces an increase in income or value, the law of increasing returns applies. At the point where additional improvements do not increase income or value, the law of diminishing returns applies.

indemnify
To compensate for damage or loss sustained, or loss incurred.

indemnification clause
A clause designed to hold harmless the broker against any and all liability, claims, suits, losses, costs and legal fees caused by, arising out of, or resulting from any negligent act or omission and/or failure to perform on the part of its agents involved in the execution of the contract.

independent contractor
One 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 how he or she performs the act. The critical feature, and what distinguishes an independent contractor from an employee or agent, is the degree of control the employer has over such a person's activities.

index
Used to set interest rates, such as the six month Treasury bill rate.

index lease
A lease containing an escalation clause that is tied to an index.

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.

indoor air
Breathing air inside a habitable structure, often highly polluted because of lack of exchange with fresh oxygen from outdoors. Solvents, smoke, paints, furniture glues, carpet padding, and other synthetic chemicals trapped inside contribute to an often unhealthy environment.

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.

ingress
A way to enter a property - access.

in-house sale
A sale in which the listing broker is the only broker in the transaction; there is no outside broker involved as in a cooperative sale. Either the listing salesperson finds the buyer, or another salesperson working for the listing broker finds the buyer. If the buyer is a client of the broker, the issue of dual agency arises.

injunction

A legal action whereby a court issues a writ that forbids a party defendant from doing some act or compels the defendant to perform an act. An injunction requires the person to whom it is directed to refrain from doing a particular thing, such as violating deed restrictions or house rules.

interest-only
A term loan calling for payments of interest only, not to include any amount for principal.

interplead
A judicial proceeding by which, when two parties make the same claim against a third party, the rightful claimant is determined. As such, he could require them to litigate their problems between themselves, instead of litigating it with him.

interpleader

A judicial proceeding where an innocent third party, such as an escrow agent or broker, can deposit with the court property or money that he or she holds and that is subject to adverse claims. The court can then distribute it to the rightful claimant.

intrinsic value
An appraisal term referring to the value created by a person's personal preferences for a particular type of property.

inure

1. to come into use; take or have effect. 2. to become beneficial or advantageous.

involuntary lien

A lien placed on property without the consent of the property owner.

IRS tax lien
A federal tax lien, or Internal Revenue Service (IRS) tax lien, results from a person's failure to pay any portion of federal taxes, such as income and withholding taxes. A federal tax lien is a general, statutory, involuntary lien on all real and personal property held by the delinquent taxpayer. Its priority, however, is based on the date of filing or recording; it does not supersede previously recorded liens.

 

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