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Friday, May 17, 2024, 1:38 AM
Site: Burk Baker School of Real Estate & Appraising
Course: DEMO (DE101)
Glossary: Real Estate Glossary
I

INSTALLMENT CONTRACT

A contract which provides for payment of a purchase price in installments.

INSTRUMENT

A written legal document.

INTENTIONAL MISREPRESENTATION

The act of making willfully inaccurate statements about a property or withholding essential information concerning it.

INTER VIVOS

During one's life; from one living person to another.

INTEREST

The charge for the use of money over a period of time. Can be understood as the "rent" paid for the use of borrowed money.

INTEREST ESCALATION CLAUSE

The clause in a promissory note which pushes the note's interest rate to the maximum amount allowed by law in the event of the borrower's default.

INTEREST RATE

The percentage charged to use a sum of money.

INTERIM FINANCING

A short-term loan obtained to cover financing of the construction of a building.

INTESTATE

A person who dies without a will, or with one which is defective in form.

INVOLUNTARY LIEN

A lien imposed against property without consent of an owner; e.g., taxes, special assessments, federal income tax liens, etc.