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GLOSSARY of American & Mexican Real Estate Terms

I

Immobility

Incapable of being moved; fixed in location, such as land.

Implied Contract

contract formed through the acts or conduct of the parties involved (Ostensible).

Income Approach

A traditional means of appraising property based on the assumption that value is equal to the present worth of future rights to income.

Increasing and Decreasing Returns

This economic principle states that the addition of more factors of production will add higher amounts to new income up to a certain point, which is the point where the maximum value of the asset has been reached; any further addition of factors of production will do nothing to increase the value.

Incurable Depreciation

Elements of a structure which are neither physically possible nor economically feasible to correct.

Independent Contractor

One whose time and effort are regulated by the individual and are not under the direction or control of others.

Index Lease

The rental is tied to some commonly agreed to price index such as the Consumer Price Index or the Wholesale Price Index.

Inheritable

An interest in land which can be passed to a relative upon the death of the owner.

Installment Land Contract

See Land Contract.

Insurance – Seguro

Owners and buyers can purchase various types of insurance including hazard, private mortgage, and earthquake. The policies guarantee compensation for specific losses.

Interest – Intereses

(1) the sum paid for the use of money (2) the degree of rights in the ownership of land.

Interest Rate – Tipo de Interes

The cost of using money expressed as a percent per period.

Intestate

Dying without a will.

Invalid

Without legal force.

Irrevocable

Not capable of being changed or terminated.