Word | Definition |
I-beam | A steel beam with a cross section resembling the letter I. It is used for long spans as basement beams or over wide wall openings, such as a double garage door, when wall and roof loads bear down on the opening. |
I-joist | Manufactured structural building component resembling the letter "I". Used as floor joists and rafters. I-joists include two key parts: flanges and webs. The flange or from of the I joist may be made of laminated veneer lumber or dimensional lumber, usually formed into a 1 ½" width. The web or center of the I-joist is commonly made of plywood or oriented strand board (OSB). Large holes can be cut in the web to accommodate duct work and plumbing waste lines. I-joists are available in lengths up to 60 feet long |
Impact fees | Fees collected from developers of new homes to pay for schools, parks and other facilities.
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Impact fees | Fees collected from developers of new homes to pay for schools, parks and other facilities.
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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.
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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.
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Impound Account | A savings account held in trust by the lender in which the borrower is required to place monthly payments for taxes, insurance and/or other purposes.
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Impound Account | A savings account held in trust by the lender in which the borrower is required to place monthly payments for taxes, insurance and/or other purposes.
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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.
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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.
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In-file credit report | Computer-generated reports drawn from credit repositories that are generally regarded as objective histories.
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In-file credit report | Computer-generated reports drawn from credit repositories that are generally regarded as objective histories.
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Incandescent lamp | A lamp employing an electrically charged metal filament that glows at white heat. A typical light bulb. |
Income property | Property that is not occupied by the owner but is used to generate income.
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Income property | Property that is not occupied by the owner but is used to generate income.
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Incompatibility | Descriptive of two or more materials which are not suitable to be used together. |
Incurable defect | A defect in a property that cannot be fixed, such as an adjacent hazardous waste site, or that would cost too much to repair relative to the value of the property.
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Incurable defect | A defect in a property that cannot be fixed, such as an adjacent hazardous waste site, or that would cost too much to repair relative to the value of the property.
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Indemnity agreement | A warranty backed up with a written guarantee of payment on a matter in question.
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Indemnity agreement | A warranty backed up with a written guarantee of payment on a matter in question.
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Index | Financial tables used by lenders to calculate interest rates on adjustable mortgages and on Treasury bills.
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Index | Financial tables used by lenders to calculate interest rates on adjustable mortgages and on Treasury bills.
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Index | The interest rate or adjustment standard that determines the changes in monthly payments for an adjustable rate loan. |
Individual Retirement Account | Tax-deferred savings accounts that allow people to accrue retirement funds.
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Individual Retirement Account | Tax-deferred savings accounts that allow people to accrue retirement funds.
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Infill development | Any significant new construction in an established area.
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Infill housing | Home construction in established areas.
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Infiltration | The passage of air from indoors to outdoors and vice versa; term is usually associated with drafts from cracks, seams or holes in buildings. |
Inflation | This event occurs when there is more money available than there are goods and services to be purchased. Mortgage rates, which are determined by the marketplace and the actions of the Federal Reserve Board and Wall Street, are sensitive to
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Inflation | This event occurs when there is more money available than there are goods and services to be purchased. Mortgage rates, which are determined by the marketplace and the actions of the Federal Reserve Board and Wall Street, are sensitive to
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Infrastructure | The roads, schools, parks, utilities, bridges and communications systems in a community.
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Infrastructure | The roads, schools, parks, utilities, bridges and communications systems in a community.
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Initial interest rate | The original interest rate on an adjustable mortgage.
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Initial interest rate | The original interest rate on an adjustable mortgage.
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Inside corner | The point at which two walls form an internal angle, as in the corner of a room. |
Inspection report | An examination of a home's exterior, foundation, framing, plumbing, electrical system, heating, air conditioning, fireplace, kitchen, bathroom, roofing and interior.
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Inspection report | An examination of a home's exterior, foundation, framing, plumbing, electrical system, heating, air conditioning, fireplace, kitchen, bathroom, roofing and interior.
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Installment contract | A purchase agreement in which the buyer does not receive title to the property until all installments are paid.
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Installment contract | A purchase agreement in which the buyer does not receive title to the property until all installments are paid.
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Insulating glass | Window or door in which two panes of glass are used with a sealed air space between. Also known as Double glass. |
Insulation | Materials including cellulose, glass fiber, rock wool, polystyrene, urethane foam and vermiculite that slow heat loss.
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Insulation | Any material high in resistance to heat transmission that, when placed in the walls, ceiling, or floors of a structure, and will reduce the rate of heat flow. |
Insulation board, rigid | A structural building board made of coarse wood or cane fiber in ½- and 25/32-inch thickness. It can be obtained in various size sheets and densities. |
Insulation Fasteners | Any of several specialized mechanical fasteners designed to hold insulation down to a steel or a nailable deck. |
Insurable title | Title to property that a company agrees to insure against defects and disputes.
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Insurable title | Title to property that a company agrees to insure against defects and disputes.
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Insurance | Owners and buyers can purchase various types of insurance: hazard, private mortgage and earthquake. The policies guarantee compensation for specific losses.
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Insurance | Owners and buyers can purchase various types of insurance: hazard, private mortgage and earthquake. The policies guarantee compensation for specific losses.
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Insurance binder | A temporary insurance arrangement usually put in force until a permanent policy can be obtained.
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Insurance binder | A temporary insurance arrangement usually put in force until a permanent policy can be obtained.
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Interest | The cost of borrowing money, usually charged as a percentage over time.
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Interest | The cost of borrowing money, usually charged as a percentage over time.
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Interest | The cost paid to a lender for borrowed money |
Interest accrual rate | The rate at which interest accrues on a mortgage.
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Interest accrual rate | The rate at which interest accrues on a mortgage.
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Interest rate | The sum, expressed as a percentage, charged for a loan. Interest payments on most home loans are tax-deductible.
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Interest rate | The sum, expressed as a percentage, charged for a loan. Interest payments on most home loans are tax-deductible.
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Interest rate buy-down plans | For cash-short buyers, some sellers are willing to advance funds from the sale of the home to buy down the interest rate and reduce the buyer's monthly obligation.
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Interest rate buy-down plans | For cash-short buyers, some sellers are willing to advance funds from the sale of the home to buy down the interest rate and reduce the buyer's monthly obligation.
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Interest rate caps | A limit on the amount that can be charged to the monthly payment of an adjustable-rate mortgage during an adjustment period.
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Interest rate caps | A limit on the amount that can be charged to the monthly payment of an adjustable-rate mortgage during an adjustment period.
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Interest rate ceiling | The highest interest a lender can charge for an adjustable-rate mortgage.
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Interest rate ceiling | The highest interest a lender can charge for an adjustable-rate mortgage.
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Interest-only loan | The pays only the interest that accrues on the loan balance each month. Because each payment goes toward interest, the outstanding balance of the loan does not decline with each payment.
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Interest-only loan | The pays only the interest that accrues on the loan balance each month. Because each payment goes toward interest, the outstanding balance of the loan does not decline with each payment.
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Interior finish | Material used to cover the interior framed areas of walls and ceilings |
Interior Glazed | Glazing infills set from the interior of the building. |
Interplayer | In glazing, any material used to bond two lites of glass and/or plastic together to form a laminate. |
Interply | Between two layers of roofing felts that have been laminated together. |
Inventory List | A detailed signed statement listing all personal property to be included in a purchase.
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Inventory List | A detailed signed statement listing all personal property to be included in a purchase.
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Investment property | Real estate that generates income, such as an apartment building or a rental house.
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Investment property | Real estate that generates income, such as an apartment building or a rental house.
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Irrigation | Lawn sprinkler system. |
