Glossary
I
IDEM SONANS: The doctrine that, if any two names may be sounded alike, any variance in spelling is immaterial.
IMPROVEMENT LIENS: Liens imposed by municipalities on real estate which has been directly benefitted by municipal improvements such as the construction of streets, sidewalks and sewer lines. Such liens secure payment of the proportionate costs of such improvements.
IN GROSS EASEMENT: A right in another's land not created for the benefit of any land owned by the easement holder. It is a personal right attached to the person of the easement holder.
IN PERSONAM: Against the person.
IN RE: In the matter of.
IN REM: Against a thing (property) and not against a person.
INCHOATE: Immature; not fully developed; an early stage; incomplete; only partially existing. An inchoate right of dower held by a wife matures and becomes exercisable only upon the death of her husband.
INCOMPETENT: Person who is incapable of managing his own affairs because of a disability.
INCORPOREAL: Having no material substance or form, but existing in the eyes of the law.
INDEMNITY: Insurance against possible loss or damage. A title insurance policy is a contract of indemnity.
INDENTURE: A deed or other real estate contract executed between two or more parties.
INDEX: (1) An alphabetical or geographical listing in the public records of the names of parties to recorded real estate instruments together with the book and page number of the record. (2) The listing in abstract and title plants of recorded real estate instruments in groups according to land descriptions, known as a geographic index. (3) The alphabetical listing in abstract and title plants, by names of the parties, of all recorded instruments which affect but do not describe particular real estate, such as judgments, powers of attorney, wills and probate proceedings. These indexes are known by various names such as general index, judgment index, and name index.
INDORSEMENT: See "Endorsement."
INGRESS: The right or permission to enter; also the means or place of entry such as a right-of-way across adjoining land.
INSTALLMENT CONTRACT: A real estate purchase agreement providing for the payment of the purchase price in several successive payments such as monthly payments. A land contract is an installment contract.
INSTRUMENT: Any written document by which something is done regarding rights or interests in real estate.
INSURABLE INTEREST: Interest in property of such a nature that the occurrence of the event insured against would cause financial loss to the insured. The interest may be that of an owner, mortgagee, lessee, trustee, etc.
INSURER: One that insures, sometimes called an underwriter, such as a title insurance company.
INTANGIBLE: Incorporeal; something that does not have material or physical existence. An example is an asset such as the goodwill of a business as compared with the stock-in-trade.
INTERESTS: Estates, rights, or legal claims in and to real estate.
INTERIM LOAN: Short term loan usually made during construction of a building. After completion of the structure, a permanent loan (takeout loan) is customarily arranged.
INTESTATE: Dying without leaving a legal will. The intestate laws are the laws of distribution of the estate of a deceased person who dies without a will.
INTRA: Within.
INURE: To serve to the use or benefit of.
INVOLUNTARY LIEN: Those liens in which a parcel of land is, by operation of law, put up as security for the payment of a debt.
IPSO FACTO: Of itself; by the very fact.