Immovable Property

Includes land, buildings or any other entity attached to the earth or permanently fastened to anything which is attached to the earth.

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Investment

Money directed toward the purchase, improvement, and development of an asset in expectation of income or profits. A good financial investment has the following characteristics: safety, regularity of yield, marketability, acceptable denominations, valuable collateral, acceptable duration, required attention, and potential appreciation.

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Intestate

The condition of a property owner who dies without leaving a will. Title to such property passes to his or her heirs as provided in the state law of descent.

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Interim financing

A short-term loan usually made during the construction phase of a building project often referred to as a construction loan.

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Insurance

The indemnification against loss from a specific hazard or peril through a contract (called a policy) and for a consideration (called a premium).

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Installment sale

A method of reporting gain received from the sale of real estate when the sale price is paid in two or more installments over two or more years. If the sale meets certain requirements, a taxpayer can spread recognition of the reportable gain over more than one year, which may result in tax savings.

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