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Real Estate Dictionary



Improvement Levy/Tax - A tax payment to the municipal authority for An improvement that increases property value as a consequence of a new detailed plan or changes in the valid plan. The tax to be paid is half of the betterment value determined. Called Hebrew "Heitel Hashbacha".

Income Property - Real estate developed or improved to produce income.

Inflation - A general and progressive increase in prices. The rate at which the general level of prices for goods and services is rising.

Inheritance - To receive property from someone who has died. Traditionally, the word "inherit" applied only when one received property from a relative who died without a will. Currently, however, the word is used whenever someone receives property from the estate of a deceased person.

Inspection - An examination of property for various reasons, such as a termite inspection, inspection to see if required repairs were made before funds were released. It is made in order to determine the general condition of a building.

Insurance - A contract under which, for a consideration, one party (the insurer) agrees to indemnify another (the insured) for a possible loss under specific conditions. The insurance may be as for loss of life, health, property, or property rights.

Interest - The fee charged for borrowing money.

Interest Rate - The percentage of an amount of money which is paid for its use for a specified time. Usually expressed as an annual percentage rate. The number of dollars earned per dollar invested per period.

In the Money - Describes an option whose exercise produce profits.

Israel Bank - The central bank of Israel. Among its duties are to supervise and regulate the bank system in Israel, to issue the Israel currency, to regulate the use of foreign currencies and to implement government's actions.

Israel Land Administration - 93% of the land in Israel is public domain; that is, either property of the state, the Jewish National Fund (J.N.F) or the Development Authority. The Israel Land Administration (ILA) is the government agency responsible for managing this land which comprises 5,750,000 acres. "Ownership" of real estate in Israel usually means leasing rights from the ILA for 49 or 98 years. Called Hebrew "Minhal".

Israel Land registry - Information about each property: its land size, constructed size, ownership division, whether there are attachments, such as a garden or parking, a possible mortgage, notice of warning. Known in Israel as "Tabu" (adopted from Turkish).

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