imdae cha (KOR)
Lease.
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immovable
Things which cannot be moved, such as land, buildings, etc.
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implied
Something apparent from the circumstances, rather than from direct action or communication.
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implied contract
An agreement created by actions of the parties involved but not written or spoken.
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improved land
Land that has been developed for use and has had installation of such utilities as water, sewer, roads and building structures. These improvements make the raw land increase its usability, thereby increasing the market value.
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improved value
An assessment term that comprises of the total value of land along with improvements, instead of the separate values of each.
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improvements
Generally, physical changes which enhance the capital value of land or buildings. These may include additional buildings, extensions to existing buildings, installation of new services, eg., central heating and air conditioning and infrastructure works. On the other hand, mere replacement by a modern equivalent of something worn out would normally be regarded as a repair rather than improvement.
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in perpetuity
Of endless duration; forever.
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incentive
An inducement offered by a landlord to a potential tenant. Can take several forms including contribution to fit-out costs or rent free periods.
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incinerator
A heavily insulated, furnace-like device for burning rubbish, giving off a minimum of heat and smoke, and burning the rubbish more completely than an open fire.
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inclement weather
Rain, snow or other adverse weather conditions that impact on the construction of a project and may lead to a delay and or an extension of time.
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income
1) Money or other benefits coming from the use of property, skill or business. 2) The excess of revenue over expenses and losses for an accounting period. 3) Any increase in the assets of a person or corporation caused by labor, sales, or return on invested funds.
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incorporate
To constitute into a corporation recognized by law, with special functions, rights, duties and liabilities; as, to incorporate a bank, a company, a club, a society, etc. To create a corporation.
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increment
1) The small quantity by which a variable increases or is increased. 2) A negative increment is a decrease. 3) The fact of becoming greater or larger.
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incumbrance (encumbrance)
Claim or lien or interest in a property that complicates the title process, interfering with its use or transfer. Restrictive covenants.
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indemnity agreement
1) An agreement whereby one party agrees to secure another against an anticipated loss or damage. For example, someone may agree to turn a business over to another person for a reduced price if they pay the debts and other obligations of the business. In a broad sense, insurance policies are indemnity contracts. 2) A provision in a lease that requires a tenant to pay (indemnify) a landlord for damages.
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indenture
Written agreement between two or more persons having different interests.
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independent appraisal
Value estimate provided by someone who has no participation in ownership of the property in question.
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independent contractor
One who is hired to do a particular job and is subject to the direction of the person in charge. Independent contractors pay for their own expenses and taxes and are not viewed as employees with benefits.
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independent expert
Someone with relevant specialist knowledge who is appointed to resolve a difference between parties, eg., a rent review or the interpretation of a clause in a lease. They use their own specialist knowledge in addition to any evidence presented to them. Their decision is final and binding on the parties but, unless their contract of appointment provides otherwise, they can be sued by an aggrieved party if their decisions are manifestly negligent.
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index lease
A rental contract in which the tenant’s rental is tied to a change in a price index.
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indexing
To alter mortgage term, payment, or rate according to inflation and/or a suitable mortgage rate index.
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indirect lighting
Lighting that has a large portion of emitted light directed upward, often off a ceiling, before shining on an area or object. It reduces glare in the area being lighted and creates fewer shadows.
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indirect property
Indirect ownership of property, the most common form being shares in a REIT (real estate investment trust) whose underlying assets are physical property.
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indorsement (endorsement)
A signature on a draft or check by a payee prior to the transfer to a third party. Also, a statement attached to an insurance policy, which changes the terms of the policy.
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industrial park
An area zoned and planned for the purpose of industrial development. Usually located outside the main residential area of a city and normally provided with adequate transportation access, including roads and rail. |
industrial property
Property that is zoned and used for industrial use, such as factories, manufacturing, research and development, warehouse space and industrial parks.
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inflation
Increasing price levels. A loss in the purchasing power of money.
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infrastructure
Apparatus, buildings, and structures providing essential services to any real estate development. Includes roads, water, gas, telephone, electricity, broadband, etc.
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ingress and egress
Access from a land parcel to a public road or other means of exit. Right to enter and exit through land owned by another.
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inheritance tax
State tax based on the value of property and other assets received through inheritance.
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Initial Public Offering (IPO)
First offering of units in a vehicle to the public, for example, shares offered with the floating of a REIT.
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initial return
In an investment analysis, the initial net income at the date of purchase expressed as a percentage of the purchase price.
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initial term
Described in the agreement as the initial period for which the demised premise has been taken up on lease. Usually for a period of three years or 36 months.
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initial yield
The percentage return on price or value derived from the current net passing income. This is the ratio between the initial income and price or capital value, expressed as a percentage. No allowance is made for any future rental growth.
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injunction
A court order issued to a defendant in an action either prohibiting or commanding the performance of a defined act. Violation of an injunction could lead to a contempt of court citation.
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inner city
The central core of a city, which generally includes the older and more urbanized sections. It contains the major commercial center, termed the central business district.
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installment contract / sale
Purchase agreement where the buyer does not receive title to the property until all installments are paid. Transaction in which the sale price is paid in installments. The tax is calculated on these sales on the basis of profit made by the seller per installment received and may be paid over the installment period.
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institutional lenders
Financial intermediaries, who invest in loans and other securities on behalf of their depositors or customers eg., insurance company.
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institutional property
Property such as schools, colleges, hospitals, universities, etc.
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insurable value
The value of property on which the insurance is calculated.
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insurance
Policies that guarantee compensation for losses from a specific cause. Various forms of insurance cover against fire, flood, earthquake, liability, etc.
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intangible assets
Nonphysical assets with continuing value, such as good will, copyrights, trademarks and franchises.
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intangible property
Nonphysical valuables, such as contracts or mortgages, employee loyalty or customer good will, which are distinguished from physical property such as buildings and land.
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interest
Payments by borrowers of funds to compensate lenders for the use of their funds.
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interest coverage
The number of times the annual interest on debt obligations is covered by income for the year before considering interest on the debt obligations and income taxes.
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interest rate
The percentage of the principal amount of a loan that is charged for use of that loan. This amount determines the monthly payment.
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interest rate collar
An instrument that combines the purchase of an interest-rate cap and the sale of a “floor” to specify a range in which an interest rate will fluctuate. The instrument thereby hedges the buyer’s position against a rise in the floating rate but limits the benefits of a drop in that floating rate outside the defined band — the “collar.”
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interest-free security deposit
A security deposit kept with the landlord by the tenant on which no interest can be claimed by the tenant from the landlord.
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interest-only mortgage
A mortgage under which the principal amount borrowed is repaid in one payment while interest payments are made periodically.
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interest-rate cap
An instrument that protects the holder from rises in variable (usually) short-term interest rates. The counter-party makes a payment to the holder when an underlying interest rate (the “index” or “reference” interest rate) exceeds a specified strike rate.
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interim financing
Financing, used for a short term, to bridge the gap between the purchase and the sale, is also called a “bridge loan.” Construction loans are interim financing.
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