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Impound, or Reserves |
The portion of a borrower's monthly payments
held by the lender to pay for taxes, hazard and mortgage insurance, lease
payments, and other items that will come due |
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Income approach |
The method of estimating the value of a property
by calculating its generated income |
|
Income property |
Real estate developed for the purpose of
generating income |
|
Indemnify |
To provide for compensation in the case of loss
or damage to property |
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Indemnity |
The statement of terms under which loss or
damage to property will be compensated |
|
Index |
A published interest rate used by lenders to
compare the interest rate for an adjustable-rate mortgage (ARM) with that
earned by other investments (e.g., the yield on Treasury bills, interest rate
on loans from savings and loans institution, etc.), as a result of which the
ARM interest rate is adjusted |
|
Ingress |
The right to enter on or over a piece of
property |
|
Insurable Title |
A property title which an insurance company is
willing to insure against possible claim |
|
Installment contract, or Contract for
deed |
A contract for the sale of real estate whereby
the buyer is in possession of the property while paying off the purchase price
in periodic installments, despite the title being retained by the seller until
the future date of final payment |
|
Insured closing letter |
An indemnity provided by a title insurance
company to a lender, whereby the title insurance company assumes responsibility
in the case that the closing agent does not fulfill the terms of the loan, or
misappropriates the loan proceeds |
|
Insured mortgage |
A mortgage that is protected by the Federal
Housing Administration (FHA) or by private mortgage insurance (MI) so that if
the borrower defaults on the loan, the insurer compensates the lender the
lesser of the loss incurred or the actual insured amount |
|
Interest rate buydown
plan |
An arrangement made for the initial years of a
mortgage whereby the seller (or any other party) deposits money into an account
that is then released toward the monthly payments on the mortgage, thereby
bringing the mortgagor's interest rate down below the actual interest
rate |
|
Interest rate ceiling |
The maximum interest rate for an adjustable-rate
mortgage (ARM), as specified in the mortgage note |
|
Interest rate floor |
The minimum interest rate for an adjustable-rate
mortgage (ARM), as specified in the mortgage note |
|
Interim financing |
A temporary or short-term loan, often made
during the construction phase of a building project, and usually replaced by a
permanent long-term mortgage |
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In testate |
The condition of dying without leaving a will.
The description of an estate without a will |
|
Involuntary lien |
A claim or charge against property placed
without the consent of the property's owner |
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Did We Miss the Word YOU Are Looking For? Is there a real estate word that we failed to explain here in our dictionary for homebuyers and sellers? Let us be your personal real estate dictionary! We'll send a brief explanation of any word or term that you encounter when buying and selling property. Do you have a suggestion of a real estate word that should be included? Let us know! We always appreciate feedback. Do any of these definitions raise questions for you? Didn't find the word you're looking for? Let us know! We're happy to answer ANY questions. It's our job! There's no obligation, and we promise to get back to you quickly...
| Q |
What was the first territorial acquisition made by the U.S. Government?
|
| A |
The Louisiana Purchase from France in 1803 for $15,000,000 increased U.S. national territory by 140%. |
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Eric Burch and Ann Burch
Burch & Co. Real Estate
PO Box 16367
Jonesboro, AR 72403
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Ann's Cell: 870.243.1332
Office: 800.440.0976
Fax: 800.440.0976
Main E-Mail: team@ericburch.com
The name Eric Burch is synonymous with excellence in the Jonesboro real estate market. In our first four years, we have closed over 60 million in real estate transactions. For 2010, our team was named the Overall Top Sales Team for Jonesboro. And Eric has been voted Jonesboro's Local Favorite Real Estate Agent three years in a row. Eric has definitely made a name for himself and his numerous awards and increasing sales numbers are proof that he and his team are willing to go that extra mile for their clients. With The Eric Burch All Star Team you are not getting just one realtor. You are getting a whole team on your side. This team consists of four realtors, a marketing specialist and a virtual assistant. Eric's wife, Ann, is an associate broker and works as Eric's full-time assistant and closing agent. We have three other agents specializing in working with buyers, Richard Wimberley, Shane McBride and Ricardo Marino. Scott Throgmartin is our personal builder, working to build nice spec and custom homes. We also have two licensed assistants. Connie Mauppins works as our transaction coordinator and Jennifer Jones is our seller coordinator, marketing specialist and helps with listing maintenance. This team has proven success and is willing to work hard for you. Give us a call today!    
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