REAL ESTATE TERMS

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There are currently 7 names in this directory beginning with the letter I.
IMPLIED CONTRACT
A contract under which the agreement of the parties is demonstrated by their acts and conduct.

INCOME APPROACH
The process of estimating the value of an income-producing property by capitalization of the annual net income expected to be produced by the property during its remaining useful life.

INCOME PROPERTY
Real estate developed or improved to produce income.

INSURABLE TITLE
A title to land that a title company will insure.

INSURED MORTGAGE
A mortgage that is protected by the Federal Housing Administration (FHA) or by private mortgage insurance (MI). If the borrower defaults on the loan, the insurer must pay the lender the lesser of the loss incurred or the insured amount.

INTEREST ACCRUAL RATE
An accrual rate is the interest rate applied to a financial obligation, such as bonds, mortgages, and credit cards.

INTERIM FINANCING
A short-term loan usually made during the construction phase of a building project; often referred to as the “construction loan.”