Landlord Tenant Terms and Definitions – I – Accurate Credit Bureau

I

Implied warranty of habitability
A legal rule that requires landlords to maintain their rental units in a condition fit for human beings to live in. A rental unit must substantially comply with building and housing code standards that materially affect tenants’ health and safety. The basic minimum requirements for a rental unit to be habitable are listed in the Dealing With Problems section.

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.)

Index
A published rate used by lenders that serves as the basis for determining interest rate changes on ARM loans.

Initial inspection
An inspection by the landlord before the tenancy ends to identify defective conditions that justify deductions from the security deposit. The landlord must perform an initial inspection if the tenant requests it.
Initial Rate
The rate charged during the first interval of an ARM loan.

Interest
Charge paid for borrowing money, calculated as a percentage of the remaining balance of the amount borrowed.

Interest Rate
The annual rate of interest on the loan, expressed as a percentage of 100.

Interest Rate Cap
Consumer safeguards which limit the amount the interest rate on an ARM loan can change in an adjustment interval and/or over the life of the loan. For example, if your per-period cap is 1% and your current rate is 7%, then your newly adjusted rate must fall between 6% and 8% regardless of actual changes in the index.

Item of information
Information in a credit report that causes a creditor to deny credit or take other adverse action against an applicant (such as refusing to rent a rental unit to the applicant) does not effect their credit score.

For Tenant Screening Landlord Services and Free Rental Applications and Rental Agreements see Accurate Credit Bureau

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