| 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.
INSPECTION
- A visit to and review of the premises. A prudent purchaser of property
always 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
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Hernando
County Real Estate 
