|
Hazard
insurance |
Insurance protection
for specified losses due to natural causes, such as fire,
floods, earthquake, tornadoes, and other "acts of
God" |
|
Heir |
An individual who
will potentially inherit an interest in land from someone who
dies |
|
Hiatus |
A gap or space
between two parcels of lands that is not included in the legal
description of either parcel |
|
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 |
|
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 |
|
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 |
|
Homestead |
Real estate that is
owned and utilized as the primary family residence, protected
in some states as exempt from the claims of
creditors |
|
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 |
|
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 |
|
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 |
