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Glossary Of Real Estate Terms
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Glossary I


Indemnify:

To secure against hurt, loss or damage; to make compensation to for incurred hurt, loss or damage.

Injunction:
A judicial process or order requiring the person to whom it is directed to do, or refrain from doing, a particular thing. A party that fails to comply with an injunction may face criminal or civil penalties and may have to pay damages or accept sanctions.

Injurious Affection:
A term usually related to the effects of expropriation, including related works concerning the expropriated land, or on the residual land remaining. Typically, injurious affection may be claimed where the value of a real property has decreased because of the construction of a public project, even if none of the owner’s property has been expropriated for the project. Injurious affection may be claimed when a portion of the owner’s property has been expropriated and the project has negative effects on the value of the remaining property. It excludes any sentimental value.

Inspection:
The examination of the house by an expert selected by the buyer.

Insurance:
The purchaser must have fire insurance arranged and in effect before the transaction can be closed. A certificate from the insurance company may be required at the closing.

Interest Rate:
The percentage which is charged for the use of borrowed money. The return the lender receives for putting up the money for the mortgage.

Irrevocable:
Incapable of being recalled or revoked; unchangeable, unalterable.


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