Fees collected from developers of new homes to pay for schools, parks and other facilities.
Implied warranty of habitability
Court cases which determined that all new homes are assumed to be fit for human habitation and meet all building codes.
Impounds
A portion of the monthly mortgage payment that is placed in an account and used to pay for hazard insurance, property taxes and private mortgage insurance.
Income property
Property that is not occupied by the owner but is used to generate income.
Incurable defect
A defect in a property that cannot be fixed, such as an adjacent hazardous waste site, or would cost too much to repair relative to the value of the property.
Index
Financial tables used by lenders to calculate interest rates on adjustable mortgages, including the yield on Treasury bills.
Individual Retirement Account
Tax-deferred savings accounts that allow people to accrue retirement funds.
In-file credit report
Computer-generated reports drawn from credit repositories that are generally regarded as objective histories.
Infill development
Any significant new construction in an established area.
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