Implied Warranty

This implies that a landlord who is renting a residence will provide "quiet enjoyment" for the property and the property will be habitable for the renter.

Impound Account

This is type of trust account for funds that can be used for various purposes relating to a property. Mortgage lenders do require this type of account to pay assessments, property taxes, and property insurance as a means of protecting the lender's interest in the property against any tax liens or defaults. Some lenders require tax reserves of six months for FHA loans; and an insurance reserve of one full year. If the property is sold, the lending institution keeps the reserve and the buyer and seller must decide how to allocate the funds.

Improvement

This refers to a physical structure. Any structure placed on a piece of real estate that increases the value of that particular property. Examples would be: a fence, a new driveway, or a garage. It can also refer to a publicly owned physical structure that increases value, such as newly paved street, curbing, sewers, and sidewalks.

Index Rate

This is a rate that adjustable mortgage loans use to calculate their interest rate. At prearranged adjustment periods,the interest rate on the mortgage loan is adjusted up or down depending on the index rate. The index rate is calculated using for separate indexes. These include the Six-Month Certificate Of Deposit (CD) Spot Index, the One-Year Treasury Spot Index—This index, the Treasury Twelve-Month Average Index—This index, and the Eleventh District Cost-of-Funds Index—This index.

In-House Sale

This involves a property sale where listing broker is the only broker for the sale. This occurs when the agent listing the property locates a buyer, or another agent in the same brokerage locates the buyer.

Initial Rate

This is the beginning interest rate the and adjustable rate mortgage for the first adjustment period.

Installment Sale

This is an income tax process for reporting profits from the sale of property when the purchase is paid using installments. This relates to the situation where one or more payments will be paid following the end of the tax year in which the sale takes place.

Interest-Only

This is a type of loan where payments include only the interest for the loan, and does not include any payment toward the principal.

Interim Financing

This is a loan of short duration, typically used in the construction phase for a project. It is frequently called a "construction loan."

Intrinsic Value

This is a term used in real estate appraisal that refers to any value developed by a individual's personal preferences for a specific property type.

Inverse Condemnation

This is a situation where a property owner has the government purchase a property through the process of eminent domain. It is used when a government procedure or action makes it impossible for the owner to use the property.

Involuntary Lien

An encumbrance (lien) against a specific property without the property owner's consent.

IRS Tax Lien

This is lien placed by the federal government, or the Internal Revenue Service (IRS). This lien is used when an individual does not pay all federal taxes, like withholding taxes or personal income tax. This lien is considered a general lien on all personal property and all real estate holdings.