REAL ESTATE DICTIONARY


A I B I C I D I E I F I G I H I
I		 I J I K I L I M I N I O I P I Q I R I S I T I U I V I W I X I Y I Z
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impact fees
Fees collected from developers of new homes to pay for schools, parks, and other facilities.
implied warranty of habitability
Legal doctrine stating that all new homes are assumed to be fit for human habitation and meet all building codes.
impounds
A portion of the monthly mortgage payment that is placed in an account and used to pay for hazard insurance, property taxes and private mortgage insurance.
improvement
A change that adds value to a house, prolongs its useful life, or adapts it to new uses.
in-file credit report
A computer-generated report drawn from credit repositories and generally regarded as an objective history.
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income property
Property that is not occupied by the owner but is used to generate income.
incurable defect
A defect in a property that cannot be fixed, such as an adjacent hazardous waste site, or one that would cost too much to repair relative to the value of the property.
independent contractor
A person hired to do a particular job, subject to the direction of a supervisor. An independent contractor pays for his or her own expenses and taxes, and receives no employee benefits. Most real estate agents are independent contractors.
index
Financial tables used by lenders to calculate interest rates on adjustable mortgages and on Treasury bills.
Individual Retirement Account (IRA)
A tax-deferred savings account in which a person may accrue retirement funds.
infill development
Any significant new construction in an established area.
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infill housing
Home construction in established areas.
infiltration
Air from the environment that penetrates a building.
inflation
Inflation occurs when there is more money available than there are goods and services to be purchased. Mortgage rates, which are determined by the marketplace and the actions of the Federal Reserve Board and Wall Street, are sensitive to inflation fears.
infrastructure
The roads, schools, parks, utilities, bridges, and communications systems in a community.
initial interest rate
The original interest rate on an adjustable rate mortgage.
initial rate cap
A specific limit defined by some adjustable rate loans (ARMs) for the maximum amount the interest rate may increase at the expiration of the initial interest rate.
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initial rate duration
Most adjustable rate loans (ARMs) offer an initial interest rate below the current market rate. This initial or "teaser" rate expires after a period called the initial rate duration, which may last months or years.
inlet valve
The mechanism inside a toilet tank that automatically fills the tank with water when the tank empties. The inlet valve is connected to the shutoff valve under the toilet.
inspection fee
A fee paid to determine the present physical condition of the home, required by the lender in order to supplement the information contained in the appraisal report.
inspection report
An examination of a home's exterior, foundation, framing, plumbing, electrical system, heating, air conditioning, fireplace, kitchen, bathroom, roof, and interior.
installment contract
A purchase agreement in which the buyer does not receive the title to the property until all installments are paid.
installment sale
A real estate transaction in which the sales price is paid in installments.
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instrument
A written legal document.
insulation
Materials that slow heat loss, such as cellulose, glass fiber, rock wool, polystyrene, urethane foam, and vermiculite.
insurable title
Title to property that a company agrees to insure against defects and disputes.
insurance
Owners and buyers can purchase various types of insurance including hazard, private mortgage, and earthquake. The policies guarantee compensation for specific losses.
insurance binder
A temporary insurance arrangement usually put in force until a permanent policy can be obtained.
interest
The fee borrowers pay to obtain a loan. It is calculated based on a percentage of the total loan.
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interest accrual rate
The rate at which interest accrues on a mortgage.
interest paid over life of loan
The total amount paid to the lender for the use of money during the time the money is borrowed.
interest rate
The fee, expressed as a percentage, charged for a loan. The interest rate also helps determine the monthly payment. For adjustable-rate loans, the interest rate may change from its initial level.
interest rate buy-down plans
For cash-short buyers, some sellers are willing to advance funds from the sale of the home to buy down the interest rate and reduce the buyer's monthly obligation.
interest rate cap
The maximum interest rate charge allowed on the monthly payment of an adjustable rate mortgage during an adjustment period.
interest rate ceiling
The highest interest a lender can charge for an adjustable rate mortgage.
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interest-only loan
The borrower pays only the interest that accrues on the loan balance each month. Because each payment goes toward interest, the outstanding balance of the loan does not decline with each payment.
interim financing
Short-term financing used by sellers to bridge the gap between the sale of one house and the purchase of another (also known as bridge or swing loans). A construction loan is also a form of interim financing.
investment property
Real estate that generates income, such as an apartment building or a rental house.
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exterior

Short Desc : painting of exterior

Bid Range : $2500

Windows and Doors
in Ashland

Short Desc : Homeowner needs to have a window repaired. Ready to secure a contractor.

Bid Range : $500

Windows and Doors
in Hampton

Short Desc : Homeowner needs to replace 1 window in their home. Ready to secure a contractor.

Bid Range : $500

Painting and Wallcovering
in Fort Pierce

Short Desc : Homeowner needs to have wallpaper installed/removed. Ready to secure a contractor.

Bid Range : $5000

Roofing
in Palm Beach Gardens

Short Desc : Homeowner needs to have the shingle roof replaced on their 1461 sq ft. home. Ready to secure a contractor.

Bid Range : $5000

Windows and Doors
in Port Saint Lucie

Short Desc : Homeowner needs to replace 8 windows in their home. Ready to secure contractor. Spoke with Thomas. Project details were confirmed. He is looking to begin his project as soon as possible.

Bid Range : $1000

Roofing
in Stafford

Short Desc : Roof over deck low pitch small leak in corner 12 x 12 need redone probably with rolled roofing

Bid Range : $2500

Remodeling and Room Additions
in Port Saint Lucie

Short Desc : Homeowner needs to have their 280 sq ft carport enclosed to form a bedroom and a bathroom. Will require plumbing work for the bathroom. Ready to secure a contractor.

Bid Range : $10000

Remodeling and Room Additions
in Richmond

Short Desc : Homeowner needs to add 140 sq ft onto their 1460 sq ft home. Project will be extending their 140 sq ft master bedroom into 280 sq ft. They will need help with the plans and permits.

Bid Range : $50000

Remodeling and Room Additions
in Leonardtown

Short Desc : Adding a second floor to include a master bedroom, master bath, and a guest room. Would like to add a backyard deck & wrap around porch. As well as remodel current bathrooms.

Bid Range : $200000

Remodeling and Room Additions
in Richmond

Short Desc : Homeowner needs to have an addition built on their 2,306 sq ft home. Will need help with plans and permits. Ready to secure a contractor.

Bid Range : $5000

Decks
in Sandston

Short Desc : A deck about 3/4 the length of the back of the house. A bench built into the deck as an option. A lattice looking ceiling/roof to minimize sunlight as an option.

Bid Range : $10000

Bathroom Remodeling
in Colonial Heights

Short Desc : Homeowner needs to have flooring laid in her 40 sq ft bathroom. Will need installation of bathtub, shower and sink.

Bid Range : $10000

Painting and Wallcovering
in Virginia Beach

Short Desc : We need a painter for a medical office.

Bid Range : $2500

Remodeling and Room Additions
in Colonial Beach

Short Desc : Customer needs to remodel their entire 820 sq ft home due to water damage. Project to include replacing an exterior wall, drywall, painting, flooring, and fixtures. May need minor electric. Spoke with Sean and project confirmed. Needs to remodel 820sq ft home due to water and fire damage. Need to prepare house to sell. Will include replacing an exterior wall, drywall, painting, flooring and fixtures. Would like to start ASAP and can be reached at anytime.

Bid Range : $25000

Windows and Doors
in Louisa

Short Desc : I am interested in possibly tinting the windows in the front room(s) of my Lake House, may add all windows depending on price.

Bid Range : $5000

Remodeling and Room Additions
in Leonardtown

Short Desc : Adding a second floor to include a master bedroom, master bath, and a guest room. Would like to add a backyard deck & wrap around porch. As well as remodel current bathrooms.

Bid Range : $200000

Windows and Doors
in Stafford VA 22556

Short Desc : I want to install two basic, glass, sliding doors for a patio deck and basement patio in my house. I will purchase doors and have them at the site. I need professional measurement to help chose the correct size door and to install them for me. Spoken to homeowner. Looking to start as soon as in contact with a contractor. Can be contacted any time on cellphone.

Bid Range : $2500

Windows and Doors
in Port Saint Lucie

Short Desc : Homeowner needs to install windows on two of their homes. One home is 1300 sq. ft and needs eight windows installed. The other is 1000 sq. ft. and needs 7 windows installed.

Bid Range : $500

Roofing
in Newport News

Short Desc : Homeowner needs to have the tar roof on their 1,500 sq ft home replaced. Ready to secure a contractor. I spoke to Tee, who is looking to start ASAP, and can be contacted in the mornings, 1500 tar roof replaced. There was patch work done 10 years ago fixing up some rotting place`s. That wasn`t done right. Would like the whole roof done.

Bid Range : $10000

Bathroom Remodeling
in Fredericksburg

Short Desc : To

Bid Range : $10000

Remodeling and Room Additions
in Petersburg

Short Desc : Remodeling kitchen. Need cabinets, counters, ceramic tile, paint, and install a new dishwasher. Currently no dishwasher.

Bid Range : $10000

Paving and Patios
in Glen Allen

Short Desc : We would like a 100 to 120 sq ft walkway/patio built between our deck and driveway made of mortorless paving stone if not too expensive Arleen would like to get her project started asap.

Bid Range : $2500

Remodeling and Room Additions
in Newport News

Short Desc : Homeowner needs to add onto their 2500 sq ft home. The addition will be a second story. They will need help with plans and permits.

Bid Range : $25000

Remodeling and Room Additions
in Mineral

Short Desc : Need to be put in touch with a contractor in the mineral area. Please call at the number provided and we can discuss the details. Thanks in advance.

Bid Range : $2500

Drywall and Plastering
in Midlothian

Short Desc : Patch job where the house is settling in family room. It has crack on side of wall and celling.some does drywall.

Bid Range : $500

Drywall and Plastering
in King George

Short Desc : 1500 sq ft garage w/ loft

Bid Range : $2500

Baby Room

Short Desc : 3 walls ne color and 1 accent wall in wide stripes.

Bid Range : $600

Painting and Wallcovering
in Aylett

Short Desc : Paint our living room, including the cathedral ceiling, as well as one wall in our kitchen.

Bid Range : $2500

Bathroom Remodeling
in Chester

Short Desc : 1970`s bathroom - needs updating - replacing ceramic tile, ceramic floor, replace counter top/sink and toilet - would like some designer help. Would like to see if possible closet beside bath can be incorporated into new bathroom (costs involved)

Bid Range : $5000
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