Improved Land - Just Compensation

IMPROVED LAND:
The opposite of “vacant land”

IMPROVEMENTS:
Things added to a vacant land in order to increase its value and features

IMPUTED INTEREST:
The interest which is deemed to have been charged on a loan by a court

IN REM:
Used to describe a legal action which is taken against land rather than against the land owner.

INCOME PROPERTY:
A property which is owned or developed specifically to produce income for its owner

INDEX:
Any rate published by an independent third which serves as the base for calculating a variable item in a contract

INDEXED LOAN:
Loan whose interest rate is adjusted in accordance with a rate published by an independent third party

INDUSTRIAL PROPERTY:
Piece of land used for a factory or other industrial use

INFRASTRUCTURE:
Term for the public-use improvements made to an area

INITIAL INTEREST RATE:
Rate chargeable on a mortgage on the day it is signed

INITIAL RATE PERIOD:
The period of time for which the "initial interest rate" is guaranteed on an adjustable rate mortgage (ARM)

INSPECTOR:
A person charged with the task of making a physical examination of a person, document or other thing

INSTALLMENT:
A regular and periodic payment

INSTALLMENT LOAN:
Loan which is paid back in periodic payments

INSURABLE LOANS:
Cost of replacement of all improvements to a property

INSURABLE MORTGAGE:
Loan secured against land where an insurance policy exists promising to compensate the lender for all losses and costs should the borrower fail to meet her obligations under the loan agreement

INTEREST:
Cost of borrowing money, charged as a percentage of the outstanding amount owed

INTEREST ADJUSTMENT RATE:
Date upon which the borrower is required to pay accrued interest on the borrowed principal under a mortgage, which date falls one full payment interval before the first payment date as set out in the agreement

INTEREST ACCRUAL RATE:
The rate, stated as a percentage, at which interest accumulates on a mortgage

INTEREST PAYMENT:
The portion of each periodic payment on a loan

INTEREST RATE CEILING:
The highest rate of interest chargeable under an Adjustable Rate Mortgage

INTEREST RATE FLOOR:
The lowest rate of interest chargeable under an Adjustable Rate Mortgage

INTERSTATE LAND SALES ACT:
Federal law administered by HUD regulating the practice of the sale of land between people in different states

INVOLUNTARY CONVERSION:
Loss of land through natural forces or through government action

INVOLUNTARY LIEN:
Claim registered against a property without the consent the owner of the land.

IRREVOCABILITY DATE:
Time and day specified in an offer until which the offer or may not retract the offer

JOINT OWNERSHIP AGREEMENT:
A contract between two or more people who have an interest in the same piece of property

JOINT TENANCY:
A way in which two or more people may hold title to property together.

JUDGMENT:
A decision rendered by a court

JUDGMENT CREDITOR:
A party entitled to a monetary payment from another party

JUDGMENT DEBTOR:
A party required to make a monetary payment from another party.

JUDGMENT LIEN:
A general lien which applies to all property owned by a judgment debtor

JUDICIAL FORECLOSURE:
An enforcement action by a lender

JUNIOR LIEN (MORTGAGE):
A claim against property which is behind at least one other lien in priority

JUST COMPENSATION:
Payment of a fair and reasonable amount for property taken from a private person by a government body

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