| Habendum Clause |
The "to have and hold" clause which defines or
limits the quantity of the estate granted in the premises of the deed. |
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| Hazard Insurance |
A contract between purchaser and an insurer, to compensate the
insured for loss of property due to hazards (fire, hail damage, etc.), for a
premium. |
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| Heir and Assigns |
Words usually found in a deed, showing the interest the
grantee is receiving. |
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| Hereditaments |
Property, personal and real, capable of being inherited. |
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| High-Ratio Loan |
Mortgage loans in excess of 80 percent of the loan amount
divided by the lower of the sales price or appraised value. |
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| Highest and Best Use |
The particular use of a real property which will produce the
greatest financial return. The optimum use of a site as used in appraisal.
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| Home Equity Loan |
A type of second mortgage in which the owner borrows money
using the equity in the home as collateral. |
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| Home Owners Association |
An association of homeowners within a community formed to
improve and maintain the quality of the community. An association formed by the
developer of condominiums or planned developments. |
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| Home Equity Loan |
A fixed or adjustable rate loan obtained for a variety of
purposes, secured by the equity in your home. Interest paid is usually
tax-deductible. Often used for home improvement or freeing of equity for
investment in other real estate or investment. Recommended by many to replace
or substitute for consumer loans whose interest is not tax-deductible, such as
auto or boat loans, credit card debt, medical debt, and education loans. |
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| Home inspection |
The review of the physical condition of a home by a
professional or experienced individual. |
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| Home Equity Line Of Credit (HELOC) |
A mortgage loan, which is usually in a subordinate position,
that allows the borrower to obtain multiple advances of the loan proceeds at
his or her own discretion, up to an amount that represents a specified
percentage of the borrower's equity in a property. |
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| Home Owner Association |
An association of people who own homes in a given area for the
purpose of improving or maintaining the quality of the area. |
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| Home Inspection |
A thorough inspection that evaluates the structural and
mechanical condition of a property. A satisfactory home inspection is often
included as a contingency by the purchaser. Contrast with appraisal. |
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| Home or Property Inspection |
A detailed inspection of the physical structure, the plumbing,
electrical and heating systems and the overall condition of the home. Typically
the cost is $150-$300 and the results are detailed in a multiple page report.
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| Home Inspection |
A review of the physical condition of a home by an experienced
individual. |
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| Homeowner's Warranty (HOW) |
A type of insurance that covers repairs to specified parts of
a house for a specific period of time. It may be provided by the builder or
property seller as a condition of the sale but homeowners can also purchase it.
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| Homeowner's Insurance (Hazard Insurance) |
Insurance coverage that compensates for physical damage to a
property from fire, wind, vandalism, or other hazards. The policy typically
combines personal liability insurance and property hazard insurance coverage
for a dwelling and its contents. See also homeowner's insurance. |
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| Homeowners Association Dues |
The fees imposed by a condominium or homeowners' association
for maintenance of common areas. |
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| Homeowners' Association |
A nonprofit association that manages the common areas of a
planned unit development (PUD) or condominium project. In a condominium
project, it has no ownership interest in the common elements. In a PUD project,
it holds title to the common elements. See also master association. |
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| Homestead |
Land, and the improvements thereon, designated by the owner as
his homestead and, therefore, protested by state law from forced sale by
certain creditors of the owner. |
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| Housing Expense-to-Income Ratio |
The ratio, expressed as a percentage, which results when a
borrower's housing expenses are divided by his or her gross monthly income.
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| Housing Expense Ratio |
The percentage of gross monthly income that goes toward paying
housing expenses. |
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| HUD Median Income |
Median family income for a particular county or metropolitan
statistical area (MSA), as estimated by the Department of Housing and Urban
Development (HUD). |
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| HUD-The US Department of Housing and Urban Development |
Department of Housing and Urban Development, a government
agency created to make the American Dream of home ownership a real possibility
for everyone. HUD has many programs involving home ownership assistance for low
and moderate income families, community planning and development, fair housing
and equal opportunity, and home improvement loans. The Housing and Urban
Development home page is a rich resource of information. |
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| HUD-1 Settlement Statement |
A document that provides an itemized listing of the funds that
are payable at closing. Items that appear on the statement include real estate
commissions, loan fees, points, and initial escrow amounts. Each item on the
statement is represented by a separate number within a standardized numbering
system. The totals at the bottom of the HUD-1 statement define the seller's net
proceeds and the buyer's net payment at closing. The blank form for the
statement is published by the Department of Housing and Urban Development
(HUD). The HUD-1 statement is also known as the "closing statement"
or "settlement sheet." |