Implied Authority - The authority an agent is assumed to have because of a course of conduct, or which is inferred from the fact that he has been authorized to perform certain acts.

ImpoundAccounts - A reserve account required by lenders, usually equal to two months taxes and hazard insurance, to cover future payments of taxes, insurance, or cover any increases in these amounts.

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.

Inchoate - Incomplete; not perfected.

Incorporeal - Intangible; without physical existence.

Indefeasible - Not capable of being annulled or voided; irrevocable.

IndependentContractor - One who is retained to perform a certain act, hut who is not under the control or direction of the hiring person as to how he performs the act, just the end result.

Initiate - To begin: to set in motion or originate.

Injunction - A writ or order issued under the seal of a court to restrain one or more parties from performing an act which is deemed to be inequitable or unjust in regard to the rights of some other party.

InstallmentContract - 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.

InterVivos - During one’s life: between living persons; from one living person to another.

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 will 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.

Irrevocable - Incapable of being recalled or revoked; unchangeable.