ITS

Integrated Titling System - a computerised land title register developed and operated by LPI to register plans, dealings and create and store land title records. ITS also holds records of superseded titles.

Indefeasibility

The accepted premise that a Torrens title cannot be set aside because of some defect in the history of the title prior to the registration of an interest. A third party cannot be disadvantaged because of the fraud of a second party. The guarantee given to Torrens title by the State Government of NSW.

Initial Period

The period in which there is a prohibition on the developer or owners corporation undertaking certain actions. The period starts at registration of the strata plan and ends when at least one third of the total unit entitlement has been transferred. (The community schemes guide should be consulted for an explanation of initial periods affecting plans in community schemes).

Instrument

Any grant, certificate of title, conveyance, assurance, deed, map, will, probate, or any other document in writing relating to the disposition, devolution or acquisition of land or evidencing title thereto.

Inter Alia (i.a.)

Among other things (LATIN).

Intestate

A situation where the deceased has not left a valid will. Dying intestate.

Isolated Road

A road that has vehicular access to a public road only by means of a connecting temporary public road.

Interest-Only Loan

A loan where only the interest is paid and the principal remains unpaid at the end of the loan.

Interest-only

In respect to a loan, where the payments are only repaying the interest charged on your mortgage, not paying anything off the principal or amount owing.

Initial Mark-up or Initial Mark-up%

The sum added to the cost to calculate the first retail price.

Inventory

Inventory is the merchandise a retail store has on-hand. The term also refers to the act of counting, itemizing and recording in-stock merchandise or supplies.

Inventory Turnover (or Stock Turn)

The number of times during a given period that the average inventory on hand is sold and replaced.