Impounds – A reserve account often required by lenders to cover future payments of taxes, lease rent, insurance, etc.

Improvements – All real estate except land. Includes buildings, fixtures, fences, curbs, sewers, etc.

Incapacity – The lack of legal qualifications making a person incapable of performing some act. Mental deficients, minors, etc. lack capacity to perform certain acts.

Installment Contract – A contract which provides for payment of a purchase price in installments; an agreement of sale. Also called installment land contract or installment sale.

Instrument – A written legal document.

Insurance – Insurance, in law and economics, is a form of risk management primarily used to hedge against the risk of potential financial loss. Ideally, insurance is defined as the equitable transfer of the risk of a potential loss, from one entity to another, in exchange for a reasonable fee. Here are some different types of insurance: home insurance, car insurance, life insurance and health insurance.

Interim Financing – A short-term loan obtained to cover financing of the construction of a building.

Intestate – A person who dies without a will or with one which is defective in form.

Involuntary Lien – A lien imposed against property without consent of an owner: e.g., taxes, special assessments, federal income tax liens, etc.