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Hazard insurance |
Insurance protection for specified losses due to
natural causes, such as fire, floods, earthquake, tornadoes, and other "acts of
God" |
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Heir |
An individual who will potentially inherit an
interest in land from someone who dies |
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Hiatus |
A gap or space between two parcels of lands that
is not included in the legal description of either parcel |
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Home equity line of credit, or Home equity
loan |
A mortgage loan (usually not the primary
mortgage) or line of credit which gives the property owner the option to obtain
cash advances from the loan proceeds, using his or her residence as collateral,
but which is not to exceed a pre-arranged amount of the owner's total equity in
the property |
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Homeowners' association |
A nonprofit association of individual owners of
units in a multi-unit structure (either a planned unit development, or a
condominium) that manages the common areas of that structure. In a planned unit
development (PUD) project, the association holds title to the common elements,
whereas in a condominium project, it holds no title to the common
elements |
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Homeowner's insurance |
An insurance policy available to residential
real estate owners that protects homeowners against financial loss from fire,
theft, public liability, and other risks |
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Homestead |
Real estate that is owned and utilized as the
primary family residence, protected in some states as exempt from the claims of
creditors |
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Homestead deed |
A document filed in the land records asserting a
homestead exemption, protecting a variable amount of his assets (depending on
which state) against the claims of creditors |
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Housing ratio, or Debt-to-income
ratio |
The percentage that results from dividing a
borrower's housing expenses by his/her gross monthly income, used by the lender
to evaluate an applicant's qualification for a loan |
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HUD-1 statement |
The document used in closing a real estate
transaction (also known as a "closing statement" or a "settlement sheet") which
itemizes the funds that are payable at closing, including broker commissions,
loan costs, and escrow amounts, and which provides a summary of the seller's
net proceeds and the buyer's net payment at closing. It is required by the US
Department of Housing and Urban Development (HUD) whenever federally-related
mortgages are being made on residential properties |
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Did I Miss the Word YOU Are Looking For? Is there a real estate word that I failed to explain here in my dictionary for homebuyers and sellers? Let me know and I will be happy to assist you. I'll send a brief explanation of any word or term that you encounter when buying and selling property. Do you have a suggestion of a real estate word that should be included? Let me know! I always appreciate feedback.  Didn't Find the Real Estate Term you were lookin for? Let me know! I'm happy to answer ANY questions. Fill in the form below and pose your question, I will be happy to assist you and if it involves an area, town, or subidivision, please make reference to that area in the "Additional Info" box, no matter where it is in: East Baton Rouge Parish, including Baton Rouge, Zachary, Baker, Greenwell Springs, and Central West Baton Rouge Parish, including Brusly, Port Allen, Erwinville and Addis Ascension Parish, including Prairieville, Dutchtown, or Geismer Livingston Parish, including Denham Springs Iberville Parish, including Plaquemine Pointe Coupee, including New Roads and False River East and West Feleciana, including St. Francisville and Clinton There's no obligation, and I promise to get back to you quickly... |
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- NUMBER1EXPERT™ 
