| Term | Definition |
|---|
| HUD | Acronym - Housing and Urban Development. |
| implied warranty of habitability | A legal doctrine that requires landlords to offer and maintain livable premises for their tenants. If a landlord fails to provide habitable housing, tenants in most states may legally withhold rent or take other measures, including hiring someone to fix the problem or moving out. See constructive eviction. |
| improvements | Valuable additions to the land, such as buildings, fences, roads, etc., which increase the value of the property. |
| incidents of ownership | Any control over property. If you give away property but keep an incident of ownership--for example, you give away an apartment building but retain the right to receive rent-- then legally, no gift has been made. This distinction can be important if you're making large gifts to reduce your eventual estate tax. |
| income approach to value | An estimate of value based on the monetary returns that a property can be expected to generate; capitalization. Contrast with the cost approach to value and the market data approach to value. |
| index | A number, usually a percentage, upon which future interest rates for adjustable rate mortgages are based. |
| ingress | An entrance, or the act of entering. Compare egress. |
| inspection clause | A stipulation in an offer to purchase that makes the sale contingent on the findings of a home inspector. |
| insurable title | A title which a title company will insure. |
| interest | (1) The sum paid in return for the use of money; could be considered rent for the use of money. (2) The type and extent of ownership in property. |
