Real Estate Terminology: I to K

Indemnity:
To secure against hurt, loss or damage; to make compensation to for incurred hurt, loss or damage.

Indenture:
A document or deed, usually in duplicate, expressing certain objects between the parties.

Infant:
A person who is a minor, under the age of legal competence, and thus incapable of the independent judgement necessary to undertake a legal obligation.

Inheritance:
A property that passes to heirs after the death of the owner.

Instrument:
A form of written legal document.

Intestate:
A person who dies without a will, or leaves one which is defective in form.

Joint Tenancy:
Ownership of land by two or more persons whereby, on the death of one, the survivor or survivors take the whole estate.

Jurisdiction:
For legal purposes, jurisdiction is the geographic area over which authority extends; the authority of an organization or a person to act within the defined limitations of that authority.

Knob-and-Tube:
Standardized old method of electrical wiring in buildings, in common use in North America from about 1880 to about 1930s (sometimes abbreviated K&T). Modern home buyers often find that existing K&T systems lack the capacity for today's levels of power use. Insurance companies are increasingly cautious with knob-and-tube wiring and change of ownership can lead to a refusal of insurance for new owners.

For more terminology and jargon check:

Mortgage Info

Regardless of how certain you are that you will get mortgage, it is always good idea to get pre-approved from the mortgage lender of your choice. This will officially address any questions about your eligibility, rate, terms and it will enable you to better negotiate for the property of your choice.
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YOUR CREDIT SCORE

Credit scoring model seeks to quantify how likely the consumers are to pay off their debt without being late. The more your credit file demonstrates that you pay your debt on time, the more desirable you become as a potential customer. The higher the client's score is, the less likely they are to default on their loan.
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REAL ESTATE TIPS

Familiarize yourself with the fundamentals of real estate before you invest in your first property.

Make sure your information is up to date. You have to know and be realistic about today's real estate market.

Location matters, so before you buy any real estate property, ensure that it's in a good location.

Regardless of how certain you are that you will get mortgage, it is always good idea to get pre-approved.

Keep in mind, the commission is always negotiable upfront, before you sign a contract.

If you are working with agent, make it clear that you want the agent, not his/her assistants, to represent you.

Before you buy any real estate property, have it inspected by a professional home inspector.

If you are buying property with a partner, have a proper partnership agreement to protect both of you.

Make sure you read your listing or buyer’s agreement carefully before signing it.

Don’t skip the final walk-through to make sure that everything is done properly, and that the items you agreed should stay are still there.

Real Estate & Related Info

Location

Location is an investment too and can also affect property values and property taxes. More...

Downpayment

Learn how to take advantage of government programs available to first-time home buyers. More...

Inspection

Knowing what to expect will help you make an informed decision about the value and the future upkeep. More...

Closing Cost

Don't forget closing costs; they vary greatly by location and they are also relative to your house price. More...

Moving Tips

Pack a box of items that will be needed first at the new house. Clearly mark this box "Load Last." More...

Glossary

Although not complete, the glossary of real estate terms will help you with some of the more common terms. More...