Property Legal Terms (I)

implied contract

An agreement created by actions of the parties involved

immovable property

See real property

implied contract

An agreement created by actions of the parties involved but not written or spoken

improved land

Land that has been developed for use and has had installation of such utilities as water, sewer, roads, and building structures. These improvements make the raw land increase its usability, thereby increasing the market value

improved value

An assessment term that comprises of total value of land along with improvements, instead of the separate values of each

improvements

Generally, physical changes which enhance the capital value of land or buildings. These may include additional buildings, installation of new services, e.g., central heating and air conditioning and infra structure works, On the other hand, mere replacement by a modern equivalent of something worn out would normally be regarded as a repair rather than improvement.

in perpetuity

Of endless duration; forever

incentive

An inducement offered by a landlord to a potential tenant. Can take several forms including contribution to fit-out costs or rent free periods.

incumbrance (encumbrance)

Claim or lien or interest in a property that complicates the title process, interfering with its use or transfer Restrictive covenant.

indenture

Written agreement between two or more persons having different interests

independent appraisal

Value estimated provided by someone who has no participation in ownership of the property in question.

independent contractor

One who is hired to do a particular job and is subject to the direction of the person in charge. Independent contractors pay for their own expenses and taxes and are not viewed as employees with benefits.

industrial park

• An area zoned with planned for the purpose of industrial development. Usually locate outside the main residential Industrial property.
• Property that is zoned and used for industrial use such as factories, manufacturing, research and development, warehouse space and industrial park

inflation

Increasing price levels. A loss in the purchasing power of money

infrastructure

Apparatus, buildings and structures providing essential services to any real estate development. Includes roads, water, gas, telephone, electricity, broadband, etc.

ingress and progress

Access from a land parcel to a public road or other means of exit. Right to enter and exit through land owned by another

injunction

A court order issued to a defendant in an action either prohibiting or commanding the performance of a defined act. Violation of an injunction could lead to a contempt of court citation

institutional property

Property such as schools, colleges, hospitals, universities, etc.

insurance

Policies that guarantee compensation for losses from a specific cause. Various forms of insurance cover against fire, flood, earthquake, liability, etc.

intangible assets

Nonphysical assets with continuing value, such as goodwill, copyrights, trademarks and franchise

intangible property

Nonphysical valuables, such as contracts or mortgages, employee loyalty or customer good will, which are distinguished from physical property such as building and land

interest

Payment by borrowers of funds to compensate llenders for the use of their funds

interest rate

The percentage of principal amount of a loan that is charged for use of that loan. This amount determines are monthly payment

international grade A

Office development which meets a list of Grade A criteria and is wholly owned, managed to international standards and has a superior set of tenant amenities.

interruption of services

This refers to a breakdown or interruption of building services that is to be provided by landlord or tenant in a building- e,g, provision of electrical power and air-conditioning in an office building. In a situation whereby the interruption of services losses, the tenant may seek compensation or rental rebate to defray or make good his losses

intrinsic value

The value of the thing itself, rather than any special features that make its market value different.

investment

Expenditure to buy property or other capital assets that generate income. Alternatively, securities or real estate companies or capital assets.

investment property

Real estate, such as rental properties which generate income.

investment yield

The annual percentage return which is considered to be appropriate for a specific valuation or an investment, being expressed as the ratio of annual net income (actual or estimated) to the capital value.