Terms Defined

The Real Estate Industry has its own unique language and, without some knowledge of this language, you may find yourself a bit confused if you become involved in a real estate transaction. Wayne County Title Agency, Inc. has compiled the following Definition of Terms commonly used in the real estate industry. Whether you are entering the real estate market for the first time or have invested in it before, this handy reference will provide an understanding of basic real estate words and phrases.

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Impounds

A trust type of account established by lenders for the accumulation of borrower’s funds to meet periodic payments of taxes, mortgage insurance premiums, and/or future insurance policy premiums, required to protect their security.

Index

(1) An alphabetical  listing  in the  public  records  of the  names  of parties  to recorded real estate instruments together with the book and page number of the record. (2) The  listing  in  abstract  and  title  plants  of  recorded  real  estate  instruments  in  groups according to land descriptions, known as a geographic index. (3) The alphabetical listing in abstract and title plants, by names of the parties, of all recorded instruments that affect but do not describe  particular  real estate, such as judgments,  powers  of attorney,  wills and probate proceedings. Such indexes are known by various names, such as “general index,” “judgment index” and “name index.”

Ingress

The right to enter a tract of land. Usually used as part of the term “ingress and egress” and interchangeably with “access.”

Instrument

Any writing having legal form and significance, such as a deed, mortgage, will or lease.

Insurable Title

A land title which a title insurance company is willing to insure.

Interest

 

(1) A share or right in property. (2) A charge paid for borrowing money.

 

Interim Financing

Temporary or short term loans. Often used with new construction.

Interval Ownership

A form of time share ownership. See Time share ownership.

Intestate

Without having made a valid will or one who dies without having made a will.