|
Click
on a Letter to lookup a Real Estate
Legal Term |
|
|
-H-
Half
bath
A
room in a home that contains a toilet and
sink but no bathtub or shower.
Handyman's
special
A
property which requires significant repairs
to bring it up to normal standards. Can often
be purchased at a lesser price.
Hazard
Insurance
Insurance coverage that compensates for physical
damage to a property from fire, wind, storms,
vandalism, or other hazards.
Hip
Roof
A type of roof containing sloping planes of
the same pitch on each of four sides. The
line where two adjacent sloping sides intersect
is called the "hip".
Home Equity
Line of Credit
A mortgage loan that allows a homeowner to
borrow against the equity in an owned home
as needed.
Home Inspection
An inspection of a prospective home done by
a professional, soon after an offer is made,
to establish the structural and mechanical
integrity of the house. A satisfactory home
inspection is often included as a contingency
by the purchaser. Contrast with appraisal.
Homeowners Association
An organization of homeowners residing within
a particular development whose major purpose
is to maintain and provide community facilities
and services for the common enjoyment of the
residents. In a condominium project, it has
no ownership interest in the common elements.
In a PUD project, it holds title to the common
elements.
Homeowner's
Insurance
An insurance policy that combines personal
liability insurance and hazard insurance
coverage for a dwelling and its contents.
Homeowner's
Warranty
1. A type of insurance that covers repairs
for a specific period of time such as heating
or air conditioning. The buyer may requests
the seller to pay for this coverage as a
condition of the sale, but either party
can pay.
2. A guarantee as to the quality of construction
offered by a building contractor or a developer.
It
is provided by the builder as a condition
of the sale. Also called Builders Warranty
Homestead
1.
A dwelling with its land and buildings occupied
by a family.
2. A statutory protection granted to owners
which protects them from losing their title
or forced sale to meet general debts.
Housing
and Urban Development (HUD)
A department of the federal
government created in 1965 which is responsible
for the implementation and administration
of the U.S. government housing and urban development
programs.
Housing Expense Ratio
The percentage of gross monthly income (income
before tax) that goes toward paying housing
expenses. The rule of thumb is that it shouldn't
exceed 28. Also known as the front ratio.
HUD
See
Housing and Urban Development.
HVAC
Heat, Ventilation, and Air-Conditioning. Refers
to the climate system in a building.
The
definitions of Real Estate Definitions found
on 10Realty.com are for general information
only. All information is subject to change
and should be independently verified. 10Realty.com
makes no representations or warranties of
any nature with regard to the information
found on the pages therein. 10Realty.com assumes
no responsibility for any liabilities or losses
claimed or incurred as a result of using this
information. (Real Estate Terms, Investment
Terms, Banking Terms explained, definitions,
legal definitions, legal terms and definitions)
