Ameraco

IMPLIED CONTRACT:
An agreement which is not reduced to writing but is created, under the common law, on the basis of the behavior of the parties which suggests that they are acting under an agreement.

IMPLIED WARRANTY:
A guarantee of the condition of a thing or the truth of a statement which is created as a result of the actions of a party but not written down.

IMPROVEMENTS:
Things added to vacant land with the view to increasing its usefulness and value, such as buildings, parking areas, drainage works, etc.

IMPROVEMENT RATIO:
A comparison of the value of the improvements of a property with the value of the property without the improvements.

INCOME APPROACH:
An appraisal technique whereby the potential of the property to produce income is used to assess its value.

INDEMNIFY:
To take responsibility for the losses and damages suffered by another person.

INDEMNITY:
A document in which one party agrees to take responsibility for the losses and damages suffered by another party or parties.

INDEPENDENT CONTRACTOR:
A legal term for a person who is hired to do work for another person but who is not an employee or agent of that person. The hiring person is not responsible for the actions of the Independent Contractor nor does she owe that Independent Contractor the same legal duties owed by an Employer to an Employee under labor and employment laws.

INDIRECT COSTS:
Also known as ‘soft costs’, those costs which are not automatically considered in a construction project.

INSPECTION:
A physical examination of a person, document or other thing, such as a home.

INSTRUMENT:
A legal document in written form setting out certain rights of parties to it.

INSURABLE TITLE:
Ownership of land which a Title Insurance Company is willing to insure.

INSURED CLOSING LETTER:
A promise by a Title Insurance Company to a lender to pay for all costs and losses to the lender which might result from the actions of the Company’s closing agent while closing a transaction.

IRREVOCABILITY DATE:
Time and day specified in an offer until which the offeror may not retract the offer, until which the offeree may accept the offer.

IRREVOCABLE:
Unchangeable. Not able to be recalled.

Tags: Real Estate Terminology

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