Real Estate Glossary Letter :  I

Real Estate Glossary Letter :  I

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IMPERIAL – A measurement form including links, yards, feet and inches used before the introduction of the metric system in 1966.

IMPLIED COVENANT – A covenant implied rather than expressly written into a lease. On the part of the lessor, this could include the asset being fit for the purpose for which it is let and allowing for quiet enjoyment. On the part of the lessee, it could include keeping the premises clean.

IMPLIED EASEMENT – An encroachment upon property that has been left unchallenged for a long period of time. One that is apparent by long and continued use.

IMPROVED LAND – Any permanent development made to the raw land which increases its usability, such as the installation of water utilities, sewer, roads and building structures and thereby increase its market value.

IMPROVEMENTS – Anything that is constructed or built on land to increase its original value. e.g. such as a house.

INCLUSIONS – Usually fixtures such as lights, curtains, blinds, ceiling fans, air-conditioning units, flyscreens, TV antenna, dishwasher, range hood, stove, fixed cupboards, clothes hoist or any other removable item that the vendor has agreed will be included in the sale.

INCOME PROPERTY – A property in which the income is derived from commercial rentals or in which the returns attributable to the real estate can be so segregated as to permit direct estimation. The income production may be in several forms; e.g. commercial rents, business profits attributable to real estate other than rents etc.

INDEFEASIBILTY OF TITLE –  The description given to the immunity a registered proprietor of land under the Real Property Act enjoys from attack by a competing claim to the land by some other person.

INDEMNITY– Security against damage or loss, the sum paid in compensation for any loss incurred.

INFILL PANEL – A panel or section used to fill in an area or space between structural sections, eg. timber panelling, decorative panels, brickwork or metal sheeting.

INFILL SLAB – A flooring system where a reinforced concrete slab is poured inside a perimeter wall of brickwork, filling material is placed, compacted and brought to level inside the brick walls prior to concrete placement.

INFRASTRUCTURE – The fundamental physical and organisational structures needed for the successful operation of any real estate development, area, city or country, such as s transportation and communication systems, power plants, and schools.

INGRESS – The entry point to a property.

INSTRUCT – Have someone act for you on their behalf. e.g. solicitor or agent.

INSULATION – A material used to improve the thermal or acoustic efficiency of a building. Generally positioned in external walls and ceiling spaces.

INTEREST – The payment made by a borrower to a lender in return for the loan of money, in addition to the principal repayments.

INTEREST ONLY LOAN – Only the interest on the principal is repaid during the term of the loan. At the end of that time, the principal is repaid as a lump sum.

INTEREST RATE – The rate of return earned on an investment, or charged by a lender, expressed in the form of a percentage per annum.

IRRIGATION – Refers to the lawn or garden sprinkler system.

INVENTORY – List of items; usually furniture, furnishings and other removable items.

INVESTOR – A person who invests money into a business, enterprise or real estate with the intention of obtaining a satisfactory financial return on the capital invested.

INVESTMENT – The purchase of an asset, such as real estate, with the ultimate goal of producing a capital gain on the resale of the asset.

INVESTMENT PROPERTY – Property, either land or a building – or part of a building – or both. Held by the owner or by the lessee under a finance lease to earn rentals or for capital appreciation or both.

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