Real Estate Glossary

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I

innocent misrepresentation

is basically a negligent misrepresentation made by someone who did not have a duty to verify the accuracy of the statement and had no intentions to deceive. A homeowner rents their home unaware that the Department of Transportation will be widening a nearby road. A rentor asks if there is much traffic on the road and the homeowner says no. The tenant can not cancel the lease after they move in based upon the landlords’ innocent misrepresentation.

inquiry notice

is one of the three ways the law presumes an individual has notice of an event. Inquiry notice presumes that under certain circumstances a reasonable person will make additional inquiries to determine if an event has occurred and its status.

installment contract

under an installment contract the seller retains legal title, the buyer takes possession and gets equitable title to the property. Although the buyer obtains possession under the contract, the seller is not obligated to execute and deliver a deed to the buyer until the terms of the contract have been satisfied.

Keyword(s):

intangibles tax

The intangibiles tax is a state tax on notes secured by real estate and must be paid before recording is allowed. Tax is on amount of new mortgage (if for more than 3 years). Lender must record the mortgage/security deed in order to foreclose later.

Calculation is: $1.50 for each $500 of mortgage amount (or part of $500) to be recorded. Proper rounding is important.
Where Recorded: At the court house in the county where property is located.
When Recorded: As soon as possible after signing.
Requirements: Must be signed, witnessed, and notarized.

Note: The tax must always end in either $.50 or an even $1.00. If tax is not paid lender cannot foreclose. It is the responsibility of the borrower, but may be paid by anyone on his behalf. If an existing loan is being assumed, that intangibles tax on that loan has already been paid and there is NO new intangible tax.

Examples:
Mortgage is $300,000
IT = $300,000 x $1.50/500 = $900.00

Mortgage is $275,400 convert the 400 to one 500 increment
IT = $275,500 x $1.50/500 = $826.50

Keyword(s):

intended use

must be determined within the first step of the appraisal process. The intended use or intended function of an appraisal describes what the intended users are actually going to do with the appraiser’s analyses and conclusions.

Keyword(s):

intended user

includes any individuals in addition to the client who are expected to use the appraisal report. Normally, intended users will be identified during the first step of the appraisal process when the appraiser communicates with the client at the time the parties agree on the assignment. Often, however, it will be incumbent on the appraiser to expect or inquire as to the existence of other users in addition to the client based on the nature of the appraisal.

intermediate theory

Adopted by a number of states, a theory based on the principles of title theory but requires the mortgagee foreclose to obtain legal title.

internet advertising

state laws vary, in Georgia, Rule 520-1-.09 of the Commission's Rules and Regulations defines Internet advertising as subject to the regulations governing all other advertising media.

internet listing display policy

a policy from the National Association of REALTORS that allows all MLS members to have equal right to display MLS data, and respects the rights of property owners and their listing brokers to market a property as they wish.

intestate

refers to the status of a deceased and their estate when a will does NOT exist. When a person dies without a will, they are said to die intestate.

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