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Real Estate & Mortgage Terms (Disclaimer: Always seek advice  regarding questions for: Legal, Tax, Accounting, Lending, Surveying, Inspecting, etc. from those other areas of expertise.  They may best answer questions regarding these matters!  Additionally, please allow that "typos" / errors / changes may occur at this site and / or other sites, herein referred / linked to...  Information is presented only for your convenience.  Any corrections or suggestions are gladly received!  Thanks for visiting our site!   Quigley Team, Realty World - John Horton & Assoc.)

Improvements: Additions to raw land such as buildings, streets, etc. that add value to the land.

Impound Account: That portion of a borrower's monthly payments held by the lender or servicer to pay for taxes, hazard insurance, mortgage insurance, lease payments, and other items as they become due. Also known as reserves.

Income Approach: A method used by an appraiser to estimate the value of a property based on the income it generates.

Income Property: Real estate that generates rental income. Examples : apartment buildings, office buildings and shopping centers.  (Top)

Index: A statistic that indicates some current economic of financial condition. Indexes are used to make adjustments in an Adjustable Rate Mortgage.

Ingress: The right to go in and out over a piece of property but not the right to park on it. See also Easement.

Installment Sale: See land contract.  

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