IMPLIED WARRANTY OF HABITABILITY - A legal doctrine imposing on
the landlord a duty to make the leased premises acceptable to
live in and ready for occupancy and to continue to maintain them
in a state of repair throughout the entire term of the lease.
IMPOUND ACCOUNT - A trust account established to set aside funds
for future needs.
IMPROVED LAND - Real property whose value has been enhanced by
the addition of on-site and off-site improvements such as roads,
sewers, utilities, buildings, etc.; as distinguished from raw
land.
IMPROVEMENTS - Valuable additions made to property, amounting to
more than repairs, costing labor and capital and intended to
enhance the value of the property. Improvements of land would
include grading, sidewalks, sewers, streets, utilities, etc.
Improvements on land would include buildings, fences, and the
like.
IMPUTED INTEREST - Interest implied by the federal tax law.
INCOME APPROACH - An approach to the valuation or appraisal of
real property as determined by the amount of net income the
property will produce over its remaining economic life.
INCOME PROPERTY - Property purchased primarily for the income to
be derived plus certain tax benefits, such as accelerated
depreciation. Income property can be commercial, industrial or
residential.
INCORPOREAL RIGHTS - Intangible or non-possessory rights in real
property such as easements, licenses, profits and the like.
INDEPENDENT CONTRACTOR - One who is retained to perform a
certain act, but who is subject to the control and direction of
another only as to the end result and not as how he performs the
act. The critical feature, and what distinguishes an independent
contractor and an employee or agent, is the right to control.
INDUSTRIAL PARK - An area zoned industrial and containing sites
for many separate industries and developed and managed as a
unit, usually with provisions for common services for the users.
INJUNCTION - A legal action which forbids a party defendant from
doing some act; it requires a person to whom it is directed to
refrain from doing a particular thing.
INNOCENT PURCHASER FOR VALUE - One who purchases real property
without notice, actual or constructive, of any superior rights
or interests in the real property.
INSPECTION - A visit to and review of the premises. A prudent
purchaser of property inspects the premises before closing.
INSTITUTIONAL LENDER - Financial institutions such as banks,
insurance companies, savings and loans or any lending
institution whose loans are regulated by law.
INTEREST - The sum paid or accrued in return for the use of
money.
INTERIM FINANCING - A short-term loan usually made during the
construction phase of a building project; often referred to as
the "construction loan."
INTESTATE - To die without a valid will.
INVENTORY - An itemized list of property. Many brokers recommend
that their clients attach to the sales contract an inventory of
property to be included in the sale of a residential property,
including a condominium dwelling.
INVERSE CONDEMNATION - An action for "just compensation "brought
by one whose property has been effectively "taken" or
substantially interfered with or taken without just compensation
Sold Homes in Salem Utah
