Impact Fee
Municipalities may levy a fee on property developers for new infrastructure that must be built or expanded due to new property development. |
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Improvement
Any immovable man-made thing, such as a driveway, garage, fence, or house itself, that is erected or constructed upon land in order to increase its value or income-earning potential is said to be an "improvement". |
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Index
Within the context of mortgage loans, and index is an economic indicator that is used to gauge periodic interest rate adjustments for an adjustable rate mortgage. |
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Infrastructure
Community resources and facilities, such as roads, sewers, parks and utilities are collectively called the "infrastructure" of the city, town, county or municipality. Things like police and fire protection services, as well as schools and libraries, are also part of the community infrastructure. |
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Installment Sale
Payment for real property ma be collected over an extended time period. Such an arrangement is often used to soften the tax consequences of a sale by dividing the resulting tax liability over a period of several years. |
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Insured Mortgage
An insurer, in return for compensation in the form of an insurance premium, can assume financial responsibility for payment of a mortgage in the event of default by a mortgagor. Such is the case with FHA-insured mortgages. Lenders often require PMI (private mortgage insurance) for buyers with less than a 20 percent down payment. |
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Interest Extra Loan
In an interest extra loan, a fixed amount of principal is repaid in regular installments, along with interest accrued each period on the amount of the then outstanding principal. |
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Interest Only Loan
Sometimes also called a "straight loan", an interest only loan does not amortize. Instead, the borrower simply makes interest payments in regular installments. The principal is due in one lump sum at the maturity date. |
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Investment Property
Sometimes a property is purchased as a business enterprise in and of itself, with the expectation of resulting income/profit on a regular basis. Such enterprises consist of both tangible and intangible assets that are considered necessary to the property, having been assembled and or developed into a single unit of use (such as for lease or rental in whole or in part). |
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Involuntary Lien
Unpaid taxes, special assessment, federal income tax liens, mechanics liens, and materials liens are typical examples of an involuntary lien, which is imposed against property without consent of the owner. |
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