| |
|
|
|
Real Estate Abbreviations, Terms and Phrases
A
| B | C | D | E
| F | G | H | I
| J | K | L | M
| N | O | P | Q
| R | S | T | U
| V | W | X | Y
| Z
-
habendum clause
-
The "to have and hold" clause which defines
or limits the quantity of the estate granted in the premises of the deed.
-
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. Most common, lender required feature
of homeowners insurance.
-
hereditaments
-
Property, personal and real, capable of being
inherited.
-
-
high-rise
-
A nine-story or taller building containing
residential apartments or condominium units. In addition to spectacular
views, most high-rises offer their residents a full range of amenities.
Building features may include 24-hour concierge service, swimming pools,
spas, saunas, tennis courts, exercise areas, party rooms and guest suites.
Security is enhanced at these buildings by the manned entry desks and limited
access, covered parking garages. Compare with mid-rise.
-
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. This is often determined by location, neighboring
properties, deed restrictions and local
zoning
regulations. A home built on a busy street, surrounded by commercial
property, and not restricted from other development, is not fulfilling
its highest and best use. Once the property is redeveloped into commercial
property, it can meet it economic potential.
-
-
HOA
-
Acronym - homeowner's
association
-
hold harmless
-
In a contract, a promise by one party not
to hold the other party responsible if the other party carries out the
contract in a way that causes damage to the first party. For example, many
leases include a hold harmless clause in which the tenant agrees not to
sue the landlord if the tenant is injured due to the landlord’s failure
to maintain the premises. In most states, these clauses are illegal in
residential tenancies, but may be upheld in commercial settings.
-
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. Home equity loans were recently made available
in Texas due to changes the homestead laws as of January 1, 1999.
-
-
home warranty
-
A service contract that covers a major housing
system--for example, plumbing or electrical wiring--for a set period of
time from the date a house is sold. The warranty guarantees repairs to
the covered system and is renewable. A basic, one year Buyer's warranty
costs $295 to $350 with additional coverage available for garage door openers,
spas, swimming pools, sprinkler system and other appliances.
-
-
homeowners'
association (HOA)
-
An organization comprising neighbors concerned
with managing the common areas of a subdivision or condominium complex.
These associations take on issues such as maintaining common land and recreation
areas, and collecting dues from residents. The homeowners' association
is also responsible for enforcing any covenants, conditions & restrictions
that apply to the property. Payment of dues and participation in
the homeowner's association may be either voluntary or mandatory, depending
on the neighborhood.
-
homeowners'
insurance
-
A type of insurance policy designed to protect
homeowners from financial losses related the ownership of real property.
In addition to covering losses due to vandalism, fire, hail, etc.(hazard
insurance), most policies also provide theft and liability
coverage. Flood related damage requires a separate flood insurance
policy or rider.
-
homestead
-
(1) The house in which a family lives,
plus any adjoining land and other buildings on that land.
-
(2) Land, and the improvements thereon,
designated by the owner as his homestead and, therefore, protected by state
law from forced sale by certain creditors of the owner. Texas offers
homestead protection for a single residential property. In addition,
Texas mandates a minimum $15,000 school district property tax exemption
on the appraised value of a homestead property. Other taxing authorities,
such as cities and counties, may offer additional property tax exemptions
on homesteads. Homestead protection will not stop foreclosures
for deliquent mortgages, taxes or
mandatory homeowner's association
dues.
-
(3) Land acquired out of the public
lands of the United States. The term "homesteaders" refers to people who
got their land by settling it and making it productive, rather than purchasing
it outright.
-
-
house closing
-
The final transfer of the ownership of a house
from the seller to the buyer, which occurs after both have met all the
terms of their contract and the deed has been recorded. Also known
as just "closing".
-
Housing
and Urban Development, Deparment of (HUD)
-
The U.S. Department of Housing and Urban Development.
This is the agency responsible for enforcing the federal Fair
Housing Act.
-
HUD
-
Acronym - Housing
and Urban Development.
A
| B | C | D | E
| F | G | H | I
| J | K | L | M
| N | O | P | Q
| R | S | T | U
| V | W | X | Y
| Z
|
|
Current Listings