Real Estate Glossary "H"
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 - A clause in a deed that defines or limits the estate being granted. heirs - Persons legally eligible to receive property of a decedent. highest and best use - The one legal use that provides a property with its greatest value. A principle of value used in appraisal. holdover tenancy - Occurs when a tenant remains on the property after the right to possess it has expired. holographic will - A will created in the testator's own handwriting and not witnessed. home equity loan - A loan based on a homeowner's equity in his or her property, usually an adjustable rate, second (junior) mortgage. The interest is usually deductible for income tax purposes. Home Mortgage Disclosure Act - A law passed to prevent real estate lenders from redlining. Lenders must make annual disclosures showing areas where loans are being made. homeowner policy - A package of several types of insurance coverage available to homeowners. homeowners' association dues - Fees imposed by a condominium or homeowners' association for maintenance of the common areas. home rule powers - Provisions in the constitutions of some states that give local governments the power to regulate real estate to protect the public health and safety. homestead exemption - A legal life estate that protects a portion of the value of an owner's principal residence from unsecured creditors. Rules are set by state law. Housing and Community Development Act - A 1974 amendment to the 1968 Fair Housing Act that added gender as a protected class. HUD - A standard settlement form required by RESPA. See Uniform Settlement Statement. hypothecation - Pledging property as security for a loan without giving up possession. |
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