Quick Search
Welcome, Log In or Sign Up to save your searches and bookmark your favorite listings.

Real Estate and Mortgage Terms Glossary

If you need a more in-depth understanding of a particular term, or have additional questions on any of these definitions, please contact us directly and we'll be happy to assist you.

Glossary Index

A | B | C | D | E | F | G-H | I-K | L | M | N | O | P-Q | R | S | T | U-Z


Terms starting with Letters I to K

IMPROVED LAND

Any parcel of land which has been changed from its natural state through the creation of roads, buildings or other structures.

IMPROVEMENTS

Any item added to vacant land with the intent of increasing its value or usability.

IMPROVEMENT RATIO

The comparative value of an improved piece of land to its natural, unaltered state.

INCOME APPROACH

The process of estimating the value of property by considering the present value of a stream of income generated by the property.

INCOME PROPERTY

A piece of property whose highest and best use is the generation of income through rents or other sources.

INDEPENDENT APPRAISAL

An estimation of value created by a professional, certified appraiser with no vested interest in the value of the property.

INDEX

The rate in which interest on an adjustable-rate mortgage is tied; a number or an indicator of value used to set interest rates. (i.e. 1 Year Treasury Note).

INFLATION

An increase in prices; two consecutive quarters of GDP growth.

INQUIRY

A request for a copy of your credit report. An inquiry occurs every time you fill out a credit application and/or request more credit. Too many inquiries on a credit report can hurt your credit score.

INSPECTION

The examination of a piece of property, its buildings or other amenities. See Home Inspections.

INSURABLE TITLE

The title to property which has been sufficiently reviewed by a title insurance company, such that they are willing to insure it as free and clear. See Title Insurance.

INTANGIBLE TAX ON MORTGAGE, STATE

Tax required prior to a mortgage being recorded. The cost is based on the face value of the mortgage and is currently 0.002 of the mortgage amount in Florida. See our Before Buying in Florida page.

INTEREST RATE

A percentage of a loan or mortgage value that is paid to the lender as compensation for loaning the funds. See Interest Rates.

INTEREST RATE LOCK

A interest rate that is guaranteed for a specific period of time. See Locking Interest Rates.

INVENTORY LEVEL

The amount of time it would take to sell all current listings at the current sales pace if no new listings became available.

INVESTMENT PROPERTY

Any piece of property that is expected to generate a financial return. This may come as the result of periodic rents or through appreciation of the property value over time.

JAMB

The sides of a door frame.

JOINT TENANCY

A situation where two or more parties own a piece of property together. Each of the owners has an equal share, and may not dispose of or alter that share without the consent of the other owners.

JOISTS

Horizontal beams laid on edge to support flooring or a ceiling.

JUDGMENT

An official court decision. If the judgment requires payment from one party to another, the court may put a lien against the payee's property as collateral.

JUDICIAL FORECLOSURE

A type of foreclosure conducted as a civil suit in a court of law.

JUMBO LOAN

A mortgage loan for an amount greater than the limits set by Fannie Mae and Freddie Mac. Often called non-conforming loans.

KICKBACK

A payment or receipt of money or other thing of value, for referring customers rather than for performance of a service.

KICK PLATE

Metal plate that covers the bottom portion of a door (or appliances) to protect it against damage.

Back to Top

Page Authored by Benjamin Dona of Gulf Coast Associates, Realtors