Impounds::A trust type of account established by lenders for the accumulation of borrower's funds to meet periodic payments of taxes, mortgage insurance premiums, and/or future insurance policy premiums, required to protect their security.
IMPROVED LAND:Any parcel of land which has been changed from its natural state through the creation of roads, buildings or other structures.
IMPROVEMENT RATIO:The comparative value of a improved piece of land to its natural, unaltered state.
IMPROVEMENTS:Any item added to vacant land with the intent of increasing its value or usability.
INCOME APPROACH:The process of estimating the value of property by considering the present value of a stream of income generated by the property.
INCOME PROPERTY:A piece of property whose highest and best use is the generation of income through rents or other sources.
Indemnity::Insurance against possible loss or damage. A title insurance policy is a contract of indemnity.
INDEPENDENT APPRAISAL:An estimation of value created by a professional, certified appraiser with no vested interest in the value of the property.
INSPECTION:The examination of a piece of property, its buildings or other amenities.
INSURABLE TITLE:The title to property which has been sufficiently reviewed by a title insurance company, such that they are willing to insure it as free and clear.
INTEREST RATE:A percentage of a loan or mortgage value that is paid to the lender as compensation for loaning funds.
INVESTMENT PROPERTY:Any piece of property that is expected to generate a financial return. This may come as the result of periodic rents or through appreciation of the property value over time.
