GLOSSARY OF REAL ESTATE TERMS

IMPOUND ACCOUNT (ESCROW ACCOUNT OR RESERVE ACCOUNT)
An account maintained by a lender on behalf of an owner who has given the lender a security interest in a parcel of real property. The account is used to pay property taxes, mortgage insurance premiums and/or future insurance policy premiums required by the lender to protect the security interest. The impound account is funded with a portion of the monthly mortgage payment.

IMPROVEMENTS
Additions to vacant land such as buildings, roads, fences, pipelines, etc. Improvements tend to increase the value of vacant land.

IMPROVEMENT LOCATION CERTIFICATE (ILC)
A drawing of a parcel of real property prepared by a licensed surveyor that shows the location of improvements to, and easements across the property; as well as encroachments onto the property by improvements located on adjoining properties. An ILC is not a survey of the property.

INDEMNIFY
To insure against loss or damage that may occur in the future, or to provide compensation for loss or damage already suffered.

INGRESS
The power or liberty of access. Also, the act of entering. Compare egress.

INJUNCTION
An equitable remedy in the form of a court order compelling a party to do or refrain from doing a specified act.

INSTALLMENT LAND CONTRACT
A method of selling and financing a parcel of real property whereby the seller retains title to the property, but the buyer takes possession and makes periodic payments toward the purchase price. The seller delivers a deed to the property when the total periodic payments equal the full purchase price, or as much of the purchase price as is agreed to between the parties.

INTESTATE
One who dies without leaving a valid will.