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Real Estate Dictionary

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impound

That portion of a borrower’ s mortgage loan payment that pays for expenses other than principal or interest (e.g., real estate taxes, insurance premiums).

impound account

The trust in which a lender keeps the portion of the borrower’s monthly loan payment that must be disbursed, on due dates, to third parties for such expenses as real estate taxes and insurance premiums. Also known as escrow account.

improved land

Land that has been enhanced in some way from its natural state as a result of someone’s labor. Also known as developed land.

improvements

Any permanent structure or other development (usually buildings, but also streets, sewers and utilities) that enhances the value of what was formerly vacant land.

imputed interest

The interest that a court determines has been charged on a loan.

in rem

(Latin: against the thing). A legal action that is taken against property itself rather than the property owner. One example is a bank’s foreclosure on a mortgage in default, in which the property is confiscated to pay the loan but the personal assets of the property owner are not.

income approach/appraisal

A technique, in appraising, where the potential of a property to produce income is used as a means of assessing its value.

income property

Any property that is developed (or purchased) specifically to produce income for its owner, such as an apartment building.

incorporeal property

Property in which a person has a legal interest but no right of possession or occupation, such as property for which this person or the previous owner has issued a long-term lease to someone else.

incurable depreciation

A defect in a building (e.g., a subsiding foundation) that costs more to correct than the building is worth. Incurable depreciation often leads to demolition of the structure.