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ICI Properties are investment, commercial, and industrial properties. 

Illegal Contract is a contract that requires criminal acts and is thus void. The parties involved have no standing in court.

Immovable Property is real property (as opposed to personal property) in civil law.

Incapacity refers to the inability of people to make or engage in certain binding dispositions of their rights, such as entering into contracts. 

Income Property is real property that is used, or is capable of being used, for the production of annual income through leasing of the property.

Income Statement summarizes the findings of calculations between a company's revenues and expenses. The income statement can be reported annually, quarterly or monthly. The income statement is generally broken down as follows:

  • Revenue or Sales - Earnings from the day-to-day operations of the business
  • Cost of Goods Sold - The costs of production and manufacturing
  • Gross Profit - Total revenue of a business minus the cost of goods it sold
  • Operating Expenses - The total costs of day to day operations
  • Net income from Operations - The amount that is remaining when you substract all costs and taxes from total sales

Industrial Property is one that contains units that are designed for manufacturing, production and warehousing.

Inflation is a general increase in the price level of goods and services.

Ingress - going in, right of entrance.

Injunction is an order of a court of equity prohibiting an act or compelling an act tobe done.

Insanity is categorized as form of incapacity which means that such individuals cannot engage in contractual agreements. If insanity occurs after entering a binding agreement, contracts can be cancelled or, if sanity is regained, a reasonable time is allowed to rescind a contract.

Instrument is a formal written legal document.

Insurable Interest is an interest of such a nature that the occurence of the event insured against would cause financial loss to the insured. Such interests, for example, may be that of an owner, a lender, a lessee or a trustee.

Insurable Value is the term used conventionally to designate the amount of insurance that may be carried on destructible portions of a property to indemnify the owner in the event of loss.

Intangible Assets are non-physical goods that have value to a business. Most common forms are business goodwill or legal rights to market a product.

Interest is an amount, expressed as percentage, which a borrower agrees to pay on borrowed money, at a certain frequency as per an agreement with the lender.

Interest Accruing Loan is type of loan where no payments on interest of the principal are paid untill the end of the term. Only when the mortgage contract has expired are payments due.

Interest Adjustment is the process of calculating compound interest payable on the amount borrowed between the day the loan is disbursed and the day the amortization period starts.

Interest Adjustment Date is the date from which interest is calculated at the rate and compounded at the frequency set out in the mortgage contract. It is normally the first day of the month following the closing of the mortgage transaction.

Interest Factor is the decimal equivalent for an interest rate on a unit amount for a certain period of time, calculated as the interest rate divided by the number of days in a year, times the number of days accrued.

Interest Only Loan is a loan in which the borrower only pays regularly scheduled payments on the interest to the lender and the principal remains the same during the life of the loan. 'The principal is repaid in full at the end of the loan's term.

Interests Less than Estates, or Interests Less than Full Ownership describe the situation when a fee simple owner divides ownership according to the kind of use permitted or restricted upon the land.

Interest Plus Specified Principal Loan is also known as a straight-line principal reduction loan. In this type of loan an equal amount of principal is repaid at every interest compounding period in addition to the interest that must be paid for that period. 

Interest Rate is the percentage charged on outstanding loan balances.

Interim Financing (Construction Financing) are interim loans used to provide construction financing until the permanent loan can be funded.

Investment Property is property which is rented out to individuals who do not own the property, and pay rent to the owner of that property. The opposite of an owner occupied property.

Invitation to Treat is an action by one party inviting others to make an offer. It is not a contract. An invitation to treat may be seen as a request for expressions of interest.

 

If you need more information or want free no obligation mortgage advice please feel free to contact me today!

 

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Walter Pawlowski Ontario Mortgage Agent M11002486