Real Estate Glossary H

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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

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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

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Real Estate Glossary H

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Do
any of these definitions raise questions for you? Didn’t find the word
you’re looking for? Let us know! We’re happy to answer ANY questions.
It’s our job! There’s no obligation, and we promise to get back to you
quickly…