In Escrow
Phrase used for the period in which the escrow agent communicates to both the buyer and the seller as to what documents or moneys have to be deposited with the escrow agent to satisfy the terms of the purchase and sale. The items collected include moneys to cover mortgage insurance premiums, taxes, hazard insurance, and title insurance, Confirmation (commitment) that the seller has obtained an adequate loan to pay the purchase price, termite inspection certificate and the seller's original deed.

In-file Credit Report
Computer generated report from credit repositories, which is regarded as an objective history.

In Re
In regard to, in the matter of.

In Rem
Latin phrase meaning "against the thing". Legal term describing proceedings against property rather than proceedings against people.

In Toto
Latin for "in the hole" or "as a hole".

Inadequate
Not sufficient. Not equal to what is required.

Inaudible
That which cannot be heard.

Incandescent
1. Very bright, shining, gleaming, luminous.
2. Glowing with intense heat.

Incandescent Light
Bulb containing a conductive filament with current flowing through and an inert gas, which react together to create an intense heat, making the filament glow.

Inch
A measure of length equal to 1/12 of a foot.

Inching
Another term for jogging, which is the movement of a crane hook, bridge or trolley when they are moved in short, jerky increments, such as stop and start.

Inch-pound
Work unit, which equals the force, needed to move a weight of one pound over a one-inch distance.

Inchoate
An incomplete, unfinished, interrupted right.

Incline
1. To lean, slope or slant.
2. A sloping graded piece of land.
3. To have a preference or liking.

Inclined Manometer
Measuring device, which is sensitive enough to note slight changes of a liquid level in a tan. One end of an inclined, fluid filled tube is connected to the tank and another end is open to the atmosphere. The fluid level in the tube changes in larger proportion due to changes in the liquid level in the tank, which can be noted.

Inclined Position
Pipe axis inclined at a 45-degree angle during pipe welding.

Incombustible
That which cannot be burned.

Income
Money or other benefits coming from the use of property, skill or business. The excess of revenue over expenses and losses for an accounting period.

Income Approach
Method of appraisal for real estate based on the property's anticipated future income; market value equals expected annual income divided by the capitalization rate.

Income Producing Property
Investment property. Real estate held for investment potential or in order to earn income by leasing or letting it, rather than for its own use.

Income Property
Property that is used to generate income, i.e. rented to others as either commercial or residential.

Income Statement
Profit and loss statement. Financial statement depicting a business entity's operating performance and reports the components of net income, including sales of real estate, rental income, operating rental expenses, income from rental operations, and income before tax. The income statement shows the cash flow for an entire accounting period, usually a quarter. The income statement is included in the annual report of the real estate corporation.

Income Stream
A regular flow of money generate by a business or investment.

Income Yield
Also known as capitalization rate it is the percentage rate of return estimated from the net income of a piece of property.

Incompetent
One who is not legally capable of completing a contract. This includes the mentally ill and minors. Incapable of performing duties because of a lack of knowledge and training.

Incomplete Fusion
Poorly done weld, which has areas of incomplete weld fusion, where the weld isn't fused to the base metal in all places, making the strength of the weld weaker.

Incorporate
To form a corporation under state regulations provided by the Secretary of State.

Incorporeal Property
Legal interests and rights in real estate that do not include the right of possession, such as air and mineral rights, riparian rights, easements and access rights.

Increaser
Plumbing drainage fitting that enlarges the diameter of a straight-line run by virtue of its larger size on one end and smaller on the other. If it is used for the reverse, to make the diameter of a straight-line run smaller, it is called a reducer.

Increment
1. The small quantity by which a variable increases or is increased.
2. A negative increment is a decrease.
3. The fact of becoming greater or larger.

Incumbrance
Claim or lien or interest in a property that complicates the title process, interfering with its use or transfer. Restrictive covenants. Also spelled encumbrance.

Incurable Defect
A defect in a property that cannot be fixed or is too expensive to repair.

Incurable Depreciation
When the cost of repairing a component of a structure exceeds the value of the structure, making it economically impractical to repair.

Incuse
A design that is hammered or stamped in on coins, in metal, etc.