David Saks: David Saks' Glossary of Real Estate & Mortgage Terms : The I's

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David Saks' Glossary of Real Estate & Mortgage Terms : The I's

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David Saks'

Glossary of Real Estate and Mortgage Terms


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Impound Account

Account held by a lender for payment of taxes, insurance, or other

Index

The index if the measure of interest rate changes that the lender uses to decide how much the interest rate on an ARM will change over time. You should ask your lender how the index for any ARM you are considering has change in recent years, and where it is reported.

Independent Contractor

The term is most important as used to describe the relationship of broker and salesperson, employee or independent contractor. If employee, the broker must withhold income tax and pay social security, provide workmen's compensation, and may be liable for some negligent acts of the salesperson while on the job. All of this is avoided by the broker if salesperson is an indepent contractor.

Installment Sale

A tax term used to describe a sale which is usually accomplished by use of a land contract.

Insured Mortgage

A mortgage insured against loss to the mortgagee in the event of default and failure of the mortgaged property to satisfy the balance owing plus costs of foreclosure.

Interest Rate

The percentage of an amount of money which is paid for its use for a specified time.



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Comment balloon 2 commentsDavid Saks • July 21 2008 08:52PM

Comments

Good idea for educating buyers and sellers on real estate terms and definitions. They're probably confused by a lot of industry terms.

Posted by Lisa Hill, Daytona Beach Real Estate (Florida Property Experts) about 12 years ago

Thanks, Lisa. I'm confused, too. :-)

mona

Posted by David Saks ((retired)) about 12 years ago

This blog does not allow anonymous comments