Glossary |
Terms that are on use on this site.
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| There are 10 entries in the glossary. |
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| ICC | In conveyance condition |
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| Independent Contractor | A self-employed individual working under contract to perform a specific task for another. |
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| Initial Inspection | An exterior occupancy inspection used to verify occupancy. Usually requested when the mortgage company first places a mortgage on the property or when some legal action is taking place against the propery. |
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| Initial Secure | Term used in the property preservation portion of the field service business. In order to place a property in marketable condition, certain services are usually performed at a property. These services generally include: lock change and lock box installation removal of interior and exterior trash boarding of damaged windows and/or doors remove abandoned vehicles cut grass, trim shrubs, edge lawn broom sweep interior winterize and or de-winterize as necessary remove snow take pictures submit damage and condition report |
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| Inspection Window | A range of dates in which the inspection must be performed. Example: Inspection Window from 2/27/2006 to 3/14/2006. |
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| Insurance Loss Inspection | Inspection for property that has been damaged by some event (i.e., fire, water, wind, etc.) to insure that insurance repairs have been completed. Performed for the mortgage company to verify the property has been restored to its condition before the loss occurred. Used to help mortgage servicers and lenders determine the proper distubtion of funds being held and designated for the completion of repairs at damaged properties. In order to protect the value of the property used as security against loans, mortgage servicers and lenders need to insure that repair funds are released timely and used to repair and improve the damaged property. |
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| Insurance Loss Report | This inspection is used to have the field inspector visit a property that has had repairs performed with funds from an insurance claim. The damage could have been anything including flood, wind, fire, vandalism, etc. Most mortgage and insurance companies release funds in stages; normally in thirds. Hopefully you will be furnished with a scope of damage so that you may determine what percentage of the repairs have been completed. All companies place a high priority on insurance loss inspections and there are very specific contact instructions as an appointment must be made with homeowner and/or contractor doing the repairs. |
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| Interior Debris | Odds and ends left on the inside of a property.Companies usually will have a monetary value that elevates an item from debris status to personal property status.Even though a storage shed or garage may be detached and outside, any debris in either is considered interior debris. |
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| Interior Inspection | A visual inspection of the interior of a property that has previously been reported as vacant and has been secured. A visual inspection to determine if there is any visible damage or situation that needs to be reported to the client. |
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| Inventory Survey & Valuation | An inspection and report on retail, wholesale, raw material and work-in-process inventories. |
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Glossary V2.0 |
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