Real Estate Words – I

IDX: Acronym for Internet Data Exchange. A means for real estate agents to advertise each other’s listings on databases (MLS).
Impound Account: An account a lender uses to retain funds to cover items such as taxes and hazard insurance premiums. Generally collected each month as part of the payment and then the lender pays the items as the bills are received.
Inclusions: Personal property or fixtures included in the property contract or offer.
Independent Contractor: A real estate agent who receives listings directly from a broker and does not receive a salary or benefits.
Index: The determining measure of interest rate changes for an ARM over the course of its life.
Ingress: Permission or right of entry, including the place and means of entry.
Inputting: Term used referring to the entry and changing of listing data in multiple listing services (MLS).
Inspection: A property examination.
Inspection Rider: Two types are commonly used. The first gives the buyer the right to have the property inspected by a professional home inspector of the buyer’s choice and at buyer’s expense. If defects are found, the buyer has the right to cancel the contract within a specified time. The second type gives the seller time to either repair any problems found by the inspection or agree to reduce the selling price by the cost of the repairs.
Installment Land Contract: A contractual agreement where until the property is paid, the seller keeps the title yet allows the buyer to take possession of the property.
Interest Rate Float: A period of time the borrower delays locking in a loan rate in anticipation of a rate decrease, and therefore “floats” until locking in a rate.
Interest Rate Lock: The mortgage interest rate that the lender and borrower agree to, applicable whether mortgage rates change. Usually set for a certain period of time such as 30, 45, 60 or 90 days.
Intestate: A description of a person who dies without making a valid will.
Inventory: A formal detailed list of articles of property of a person or estate, identifying the description, the quantity and value of each.