Real Estate Glossary

 Enter a word to define or browse by letter.
 

   

_____________________________________________________________________
 

Browse by Letter
#  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
_____________________________________________________________________
 
Hazard Insurance: Insurance to compensate the insured for loss of property due to hazards (fire, hail damage, etc.).

HECM: A loan that enables older home owners to convert the equity they have in their homes into cash, usually in the form of monthly payments. A borrower does not qualify on the basis of income but on the value of his or her home. In addition, the loan does not have to be repaid until the borrower no longer occupies the property. 

HOA: In some areas, also known as Homeowners Association Fees, these are charges paid to the Homeowners Association by the owners of the individual units in a condominium or planned unit development (PUD) and used to maintain the property and common areas. 

Home Equity Conversion Mortgage: A loan that enables older home owners to convert the equity they have in their homes into cash, usually in the form of monthly payments. A borrower does not qualify on the basis of income but on the value of his or her home. In addition, the loan does not have to be repaid until the borrower no longer occupies the property. 

Home Equity Line of Credit: A mortgage loan, usually in second position, that allows the borrower to obtain cash drawn against the equity of his home, up to a qualified amount.

Home Inspection: A thorough inspection by a professional that evaluates the structural and mechanical condition of a property. A satisfactory home inspection is often included as a contingency by the purchaser. 

Homeowner Association Fees: In some areas, also known as Homeowners Association Fees, these are charges paid to the Homeowners Association by the owners of the individual units in a condominium or planned unit development (PUD) and used to maintain the property and common areas. 

Homeowners' Association: A nonprofit association of people/tenants who own homes/units in a given area for the purpose of improving or maintaining the quality of common areas.

Homeowner's Insurance: An insurance policy that combines personal liability insurance and hazard insurance coverage for a property and its contents.

Homeowner's Warranty: A type of insurance often purchased by homebuyers that will cover repairs to certain items, such as heating or air conditioning, should they break down within the coverage period. The buyer often requests the seller to pay for this coverage as a condition of the sale, but either party can pay.

Homestead: A home upon which the owner or owners have recorded a Declaration of Homestead, as provided by California statutes; protects home against judgments up to specified amounts.

HUD Median Income: The median family income for a particular area (county, city, etc), as estimated by the Department of Housing and Urban Development (HUD).

HUD-1 Settlement Statement: A document that provides a complete breakdown of costs involved in a real estate sale usually prepared by broker, escrow, closing agent, title company, or lender.

Hypothecate: To give something as security without necessarily giving up its possession; To mortgage real property.