Florida Real Estate Glossary – I

Fees paid by developers for schoolsand other public facilities needed because of additional population developer brings in with project.

One-year implied warranty given by contractors of new homes to buyers; between landlord and tenant, the landlord's guaranty that the premises are fit for habitation and, if not, will be put into that condition.

EPA guidelines for company's voluntary audit for and disclosure of environmental violations.

Tax appraisal method that bases value of the property on the income generated by the property.

A contract for deed; method of selling property in which the seller serves as the financier for the buyer and the purchase; seller holds onto title until there has been payment in full under an installment payment plan.

Party who indemnifies for loss.

SEC practice of combining back-to-back exempt offerings with result being offerer is in noncompliance with restrictions for exemption.

During the life of; while alive; e.g., an inter vivos gift.

Gift made while grantor is alive.

Clause in note that increases interest in the event of a default.

Hold zoning; temporary zoning before general plan is developed.

Federal law governing income taxation.

Federal law regulating the sale of property across state lines; requires advance filing of sales materials, mandatory disclosure of certain information, and prohibitions on promises about the land's future development.

Form of time-sharing interest ownership.

Death without a will.

Statutory method for distributing the property of those who die without a will (intestate).

Under the 1933 Securities Act, an exemption from SEC registration requirements for certain securities offered in one state by a corporation primarily operating in that state.

Party who has a specific invitation to enter another's property or is a member of the public in a public place.

Lien that does not result from a contractual arrangement; e.g., a tax lien or a judicial lien.