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Real Estate Dictionary
Welcome > Resources > Real Estate Dictionary - A

A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

I

Impound, or Reserves

The portion of a borrower's monthly payments held by the lender to pay for taxes, hazard and mortgage insurance, lease payments, and other items that will come due

Income approach

The method of estimating the value of a property by calculating its generated income

Income property

Real estate developed for the purpose of generating income

Indemnify

To provide for compensation in the case of loss or damage to property

Indemnity

The statement of terms under which loss or damage to property will be compensated

Index

A published interest rate used by lenders to compare the interest rate for an adjustable-rate mortgage (ARM) with that earned by other investments (e.g., the yield on Treasury bills, interest rate on loans from savings and loans institution, etc.), as a result of which the ARM interest rate is adjusted

Ingress

The right to enter on or over a piece of property

Insurable Title

A property title which an insurance company is willing to insure against possible claim

Installment contract, or Contract for deed

A contract for the sale of real estate whereby the buyer is in possession of the property while paying off the purchase price in periodic installments, despite the title being retained by the seller until the future date of final payment

Insured closing letter

An indemnity provided by a title insurance company to a lender, whereby the title insurance company assumes responsibility in the case that the closing agent does not fulfill the terms of the loan, or misappropriates the loan proceeds

Insured mortgage

A mortgage that is protected by the Federal Housing Administration (FHA) or by private mortgage insurance (MI) so that if the borrower defaults on the loan, the insurer compensates the lender the lesser of the loss incurred or the actual insured amount

Interest rate buydown plan

An arrangement made for the initial years of a mortgage whereby the seller (or any other party) deposits money into an account that is then released toward the monthly payments on the mortgage, thereby bringing the mortgagor's interest rate down below the actual interest rate

Interest rate ceiling

The maximum interest rate for an adjustable-rate mortgage (ARM), as specified in the mortgage note

Interest rate floor

The minimum interest rate for an adjustable-rate mortgage (ARM), as specified in the mortgage note

Interim financing

A temporary or short-term loan, often made during the construction phase of a building project, and usually replaced by a permanent long-term mortgage

In testate

The condition of dying without leaving a will. The description of an estate without a will

Involuntary lien

A claim or charge against property placed without the consent of the property's owner

A B C D E F G H I J K L M N O P Q R S T U V W X Y Z



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Real Estate Tips
Time to Move >Housing Considerations

The impending arrival of a new baby is an important catalyst for many couples to plan a move. You may need more space or prefer a larger yard or a street with less traffic. Having a baby represents a profound change in life. Your thoughts about housing suddenly begin to include considerations about schools, neighborhood playgrounds, and other families with young children.

If you plan to enlarge your family in the near future, it is a good idea to assess your real estate needs early in the planning stage. If you have a condominium or smaller house which you have to sell in order to buy a new home, talk to us about placing your current home on the market now. It could take a while for it to close, even if we find buyers relatively quickly. Most real estate agents have stories of closing attorneys bringing paperwork to the maternity ward. While this may provide witty repartee for the agent, it is not a lot of fun for the new parents trying to work out the last minute details of a major move when the baby is about to arrive.

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Real Estate Trivia
Q 
Where can you find the world's largest residential palace?

A 
The Istana Nurul Iman, palace of the Sultan of Brunei, includes 2,152,782 square feet, 1,788 rooms, 257 bathrooms and a 110-car garage.
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Glenna Nesbitt and Shelton Floyd, REALTOR®, real estate agent and broker for Shreveport and Bossier City, Louisiana home listings, property and land for sale - NUMBER1EXPERT

Glenna Nesbitt and Shelton Floyd
Coldwell Banker J. Wesley Dowling & Associates

8805 Line Avenue Suite 100
Shreveport, Louisiana 71106
Glenna Direct Line: 318-869-5833
Shelton Mobile: 318-422-1102
Main Office: 318-861-2461
info@HomesofLouisiana.com

`Glenna and Shelton have been Shreveport residents for over 50 years with a combined real estate experience of over 30 years. Glenna and Shelton were awarded the International President’s Circle-Coldwell Banker, and the Circle of Excellence-Coldwell Banker. They are Top Producers and Certified Luxury Home Specialists. Call or email today - The Number 1 Team in Shreveport since 2002.

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