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CAPITALIZATION A mathematical process for converting net income into an indication of value, commonly used in the income approach to appraisal. IMPOUND ACCOUNT An account held by the lender to which the borrower pays monthly installments, collected as part of the monthly mortgage payment, for annual expenses such as taxes and insurance. The lender disburses impound account funds on behalf of the borrower when they become due. (Also known as Escrow Account.) LEGAL NOTICE That notice which is either implied or required by law. Constructive notice under the recording laws is also referred to as legal notice. RENTAL AGREEMENT An agreement, written or oral, which establishes or modifies the terms, conditions, rules, regulations, or any other provisions concerning the use and occupancy of a dwelling unit and premises; a lease on residential property. OVERIMPROVEMENT An improvement which by reason of excess size or cost is not the highest and best use for the site on which it is placed. |
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