Dictionary

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Interim Financing

A short-term loan usually made during the construction phase of a building project often referred to as a construction loan.

Intermediary Broker

A broker who is employed to negotiate a transaction between both parties and who for that purpose may be an agent of both parties to the transaction, acting fairly so as not to favor one party over the other.

Internal Revenue Service Tax Lien

A general lien imposed by the IRS for the nonpayment of income taxes.

Interstate Land Sales Full Disclosure Act

A federal law requiring that a property report be furnished to prospective buyers of certain types of real estate.

Intestate

The condition of a property owner who dies without leaving a valid will. Title to the property will pass to his or her heirs as provided in the state law of descent.

Intimidation

As defined in the fair housing laws, the illegal act of coercing, threatening or interfering with a person for exercising or enjoying any right granted or protected by federal, state or local fair housing laws.

Intrinsic Value

An appraisal term meaning the result of a person’s individual choices and preferences.

Investment Property

A property that is not occupied by the owner.

Involuntary Alienation

See Alienation.

Involuntary Lien

A lien that arises by the action of another, such as a judgment lien.