Toronto Real Estate Glossary I
(Inspection - Inheritance Tax)
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Inspection
Examination or review, which compares objects by use of an acceptable
standard to rate quality and to guarantee consistency.
Inspection Fee
Fee paid to a professional, to determine the physical condition of a
home, to supplement the information in the appraisal report and is often
required by the lender.
Inspection Report
After an inspection, a written report is submitted, detailing the condition
of the home's foundation, framing, plumbing, electrical system, heating,
air conditioning, fireplaces, kitchen, bathrooms, roof, exterior and
interior.
Inspector
A person who inspects. An official examiner.
Institutional Lender
Financial intermediaries who invest in loans and other securities on
behalf of their depositors or customers; lending and investment activities
are regulated by laws to limit risk.
Insulation
Materials, such as fiberglass, rock wool, urethane foam, polystyrene,
cellulose and vermiculite, which are used to slow heat loss. Insulation
comes in different forms: blanket, batt, rigid, fill, reflective, made
of glass wool, cotton or wood fibers. Organic materials must be pretreated
to become insect, fire and decay resistant.
Insurance Binder
Temporary insurance arrangement used until a permanent policy can be
issued.
Interest
Fee paid by borrower for the use of money that is loaned to them. It
is a certain percent of the total of the loan.
Interest Accrual Rate
The rate at which interest is added onto the principal of a loan (accrual).
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.
Interest Rate Cap
Maximum interest rate allowed, during an adjustment period, on the monthly
payment of an adjustable rate mortgage.
Interest Rate Ceiling
Highest interest rate allowed to be charged on an adjustable rate mortgage.
Interest-only Loan
Loan, where only the interest is paid each month. Therefore, the outstanding
amount of principal is not reduced.
Interim Loan
Loan that is to be replaced by a permanent loan.
Interim Financing
Financing, used for a short term, to bridge the gap between the purchase
of a home and the sale of a home, is also called a "bridge loan".
Construction loans are interim financing.
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