Dictionary

You can browse real estate terms here

Income Tax Return (ITR)

It is a proof of income that is provided by the buyer.

Incompetent

One who is mentally incompetent, incapable, any person who is not insane, but by the reason of old age, disease or weakness of mind, or any other cause, is unable, if unassisted to manage properly and take care of himself or his property or by reason thereof would likely be deceive or imposed upon by artful or designing persons.

Increasing and Diminishing Returns, Principle of

States that the application of more factors of productions will tend to increase net income up to a certain point beyond which the application of more factors of production will tend to diminish net income.

Index

A number used to compute the interest rate for an adjustable-rate mortgage (ARM). The index is generally a published number or percentage, such as the average interest rate or yield on Treasury bills. A margin is added to the index to determine the interest rate that will be charged on the ARM. This interest rate is subject to any caps that are associated with the mortgage.

Individual Retirement Account (IRA)

An IRA is an account set up at a financial institution that allows an individual to save for retirement with tax-free growth or on a tax-deferred basis.

Inflation

In simple terms, inflation is a quantitative measure of the rate at which the average price level of a basket of selected goods and services in an economy increases over a period of time. An increase in the amount of money or credit available in relation to the amount of goods or services available, which causes an increase in the general price level of goods and services. Over time, inflation reduces the purchasing power of a dollar, making it worth less.

Ingress

The right to enter a property.

In-house Financing (IHF)

In-house financing is offered by some property developers, and much like bank loans, there are monthly payments to be made throughout a certain number of months or years, given to the property developer.

Injunction

A writ or order issued under the seal of a court to restrain one or more parties to a suite or proceeding from doing an act which deemed to be inequitable or unjust in regard to the rights of some other party or parties in the suit or proceeding.

Installment

The regular periodic payment that a borrower agrees to make to a lender. The regular periodic payment that a borrower agrees to make to a lender. The installment is more often referred to as your monthly mortgage payment. Installments, or monthly payments, can be made either monthly or biweekly, depending on your mortgage type. Your approved lender may also offer additional payment plans tailored to fit your needs.