Impact fees

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.

 

Improvements

Additions of value made to property.

 

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 that would cost too much to repair relative to the value of the property.

 

Inspection report

An examination of a home's exterior, foundation, framing, plumbing, electrical system, heating, air conditioning, fireplace, kitchen, bathroom, roofing and interior.

 

Installment contract

A purchase agreement in which the buyer does not receive title to the property until all installments are paid.

 

Insurable title

Title to property that a company agrees to insure against defects and disputes.

 

Investment property

Real estate that generates income, such as an apartment building or a rental house.