Real Estate Glossary and Terminology

 

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INCOMPETENT

One who is mentally incompetent, incapable, any person who is not insane, but by the reason of old age, disease or weakness of mind, or any other cause, is unable, if unassisted to manage properly and take care of himself or his property or by reason thereof would likely be deceive or imposed upon by artful or designing persons.

INCREASING AND DIMINISHING RETURNS, PRINCIPAL OF

States that the application of more factors of productions will tend to increase net income up to a certain point beyond which the application of more factors of production will tend to diminish net income.

INJUNCTION

A writ or order issued under the seal of a court to restrain one or more parties to a suite or proceeding from doing an act which deemed to be inequitable or unjust in regard to the rights of some other party or parties in the suit or proceeding.

INSTALLMENT NOTE

A note which provides that payments of a certain sum or amount be paid on the dates specified in the instrument.

INSTRUMENT

A written legal documents created to affect the rights of the parties.

INTEREST RATE

The percentage of a sum of money charged for its use.

INTESTATE

A person who dies having made no will, or having made a will is defective in form in which case his estate descends to his heir at law or next of kin.

INVOLUNTARY LIEN

A lien imposed against property without the consent of an owner; example: taxes, special assessments, income tax liens, etc.

IRREVOCABLE

Incapable of being recalled or revoked: unchangeable.

 

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