Something that is inferred but is not explicitly stated and may be deducted from relevant information.
Implied condition
A provision not explicitly stated in an agreement but considered an important item.
Implied contract
An agreement created by actions of the parties involved but not written or spoken.
Implied easement
Property that is used consistently for many years without challenge by the actual owner.
Implied warranty
Under law, there is an express warranty that real estate sold is appropriate for sale and is in proper condition even if not stated.
Implosion
Bursting inward.
Impost
(1) A column that supports the end of an arch. (2) Load bearing portion of a wall.
Impound
That portion of a mortgagor's monthly payments held by the lender or servicer to pay for taxes, hazard insurance, mortgage insurance, lease payments, and other items as they become due. Known as reserves in some states.
Impound account
A fund set aside for future needs.
Impounds
That portion of a monthly mortgage payment which is placed in an account to be used to pay for property taxes, private mortgage insurance and insurance.
