| Term | Definition |
|---|
| improvements | Valuable additions to the land, such as buildings, fences, roads, etc., which increase the value of the property. |
| incidents of ownership | Any control over property. If you give away property but keep an incident of ownership--for example, you give away an apartment building but retain the right to receive rent-- then legally, no gift has been made. This distinction can be important if you're making large gifts to reduce your eventual estate tax. |
| income approach to value | An estimate of value based on the monetary returns that a property can be expected to generate; capitalization. Contrast with the cost approach to value and the market data approach to value. |
| index | A number, usually a percentage, upon which future interest rates for adjustable rate mortgages are based. |
| ingress | An entrance, or the act of entering. Compare egress. |
| inspection clause | A stipulation in an offer to purchase that makes the sale contingent on the findings of a home inspector. |
| insurable title | A title which a title company will insure. |
| interest | (1) The sum paid in return for the use of money; could be considered rent for the use of money. (2) The type and extent of ownership in property. |
| interest rate | The periodic charge, expressed as a percentage, for use of credit. |
| intestate | Legal designation of a person who has died without leaving a valid will. |
