Improvements: Additions to land,
such as building a house, that add value to the land.
Impound Account: Also known as an
escrow account. Funds are taken from this account
monthly to cover such things as insurance and taxes
and other recurring fees.
Income Approach: An appraisal method the
bases the value of the property on the income that
it generates.
Income/Investment Property: Property
that generates income through being rented out.
Index: A statistical measure of a
component of the economy that is used to adjust the
interest rate on an ARM.
Ingress and Egress: The right to
pass through a piece of property, which does not include
the right to park on it.
Installment Sale: See Land Contract
