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HUD
Home Buying Glossary - H
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Habendum
Clause - A clause in a deed that indicates the extent of
ownership being transferred. Begins with "To Have
and To Hold".
Habitability
- Reasonably fit for human habitation.
Hazard
Insurance
- A broad form of casualty insurance coverage for real estate
that includes protection against loss from fire, certain
natural causes, vandalism and malicious mischief.
Header
- A beam over a window or a door.
Head
Lease - A master lease under which the lessee subleases
portions of the premises.
Head
of Household - One who is responsible for dependents; not
necessarily a married person.
Hereditaments
- Any item capable of being inherited.
Highest
and Best Use
- The available present use or series of future uses that will
produce the highest present real property value and develop a
real estate parcel to its fullest economic potential.
Hip
Roof - A roof where all four sides slope to a ridge line.
Historical
Age - See Actual Age.
Historical
Cost - Actual cost of a building at the time it was
constructed.
Historical
Rent - Contract rent paid in past years.
HOA
- See Home Owner Association.
Holdback
- See Escrow Holdback.
Holder
in Due Course - A person who, in the course of commerce,
takes a negotiable instrument good on its face for value prior
to due date, without notice of any defense of the
maker.
Holding
- Possession of property two which one has legal title
Hold-Harmless
Clause - One party agrees to indemnify the other for any
loss suffered because of the contract or lease.
Holdover
Clause - A lease condition that provides for a very high
rent should the tenant fail to vacate at the end of a lease,
discouraging a holdover situation.
Holdover
Tenant - Tenant retaining possession after the expiration
of a lease.
Holographic
Will - A handwritten, signed and dated will; no witnesses
are needed.
Home
Inspection - See Inspection
Home
Owner Association - A group of home owners in a particular
subdivision or area who band together to take care of common
property and common interests.
Homeowner’s
Package -
A broad form of insurance coverage for real estate that
combines hazard insurance with personal protection and other
items.
Homeowner’s
Policy - See Homeowner's Package.
Homestead
Exemption
- A state statutory exemption that protects homestead property,
usually to a set amount, against the attachment rights of
creditors. Property
tax exemptions for all or part of the tax are also available
in some states.
Home
Warranty - A service contract that covers most major
systems and appliances in a home for a specified period of
time. The home owner is responsible for a per call
service fee.
Hostile
Possession - Possession of real property without
permission of the owner coupled with a claim, express or
implied, of ownership.
HUD
- See Department of Housing and Urban Development.
HUD
1 - See Settlement Statement.
HUD
Information Booklet
- Describes the closing process and costs and the loan
applicant’s rights under the Real Estate Settlement
Procedures Act (RESPA).
Hypothecate
- To give something as security without giving up possession.
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