Real Estate Glossary and Terms
Realty Terms beginning with I
A property that is developed or improved for the purpose of generating income. Also referred to as "non-owner occupied property" or "rental property."
A formal written report detailing the examination of a property's visible structure and internal systems. The inspection and report are done prior to the completion of a real estate transaction.
A payment made towards the settlement of a debt that is typically paid at regular intervals to the creditor or lender.
A term used to designate the amount of insurance that can be carried on destructible portions of a property to indemnify the owner in the event of loss. Intangible Asset
An asset such as a patent, permit, computer program, or claim that has no physical properties. It is difficult to assign values to these types of assets.
The price paid to rent money. The rate of interest over a period of time for a specific amount of money, usually expressed as a percentage.
Interest Adjustment Date
The date on which the mortgage really begins, usually the first of the month. The interest owed for the number of days between the closing date and the last day of the month is paid on the closing date by cheque or by deduction from the mortgage advance and covers
Interest Rate Cap
A limit that is imposed upon interest rate increases and decreases for an adjustable rate loan. The cap or limit can be imposed from one adjustment period to the next or over the entire life of the loan.