hazard insurance
|
Insurance coverage that compensates for physical damage to a
property from fire, wind, vandalism, or other hazards. |
high-rise
|
In Las Vegas it generally refers to buildings higher than
seven or eight stories. |
highest and best use
|
The reasonably probable and legal use of vacant land or an
improved property that is physically possible, appropriately
supported, financially feasible and that results in the highest
value. |
home equity conversion mortgage
|
A special type of mortgage that enables older home owners to
convert the equity they have in their homes into cash, using a
variety of payment options to address their specific financial
needs. Unlike traditional home equity loans, 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. Sometimes called a
reverse mortgage or reverse annuity mortgage. |
home equity line of credit
|
A mortgage loan, which is usually in a subordinate position,
that allows the borrower to obtain multiple advances of the loan
proceeds at his or her own discretion, up to an amount that
represents a specified percentage of the borrower's equity in a
property. |
home inspection
|
A thorough inspection that evaluates the structural and
mechanical condition of a property. A satisfactory home
inspection is often included as a contingency by the purchaser.
Contrast with appraisal. |
homeowner's association (HOA)
|
A nonprofit association that manages the common areas of a
planned unit development (PUD) or condominium project. In a
condominium project, it has no ownership interest in the common
elements. In a PUD project, it holds title to the common
elements. |
homeowner's insurance
|
An insurance policy that combines personal liability
insurance and hazard insurance coverage for a dwelling and its
contents. |
homestead
|
Any real estate where the owner resides and which is exempt
from creditor's claims to an amount specified by state law. |
HUD-1 settlement statement
|
A document that provides an itemized listing of the funds
that are payable at closing. Items that appear on the statement
include real estate commissions, loan fees, points and initial
escrow amounts. Each item on the statement is represented by a
separate number within a standardized numbering system. The
totals at the bottom of the HUD-1 statement define the seller's
net proceeds and the buyer's net payment at closing. The blank
form for the statement is published by the Department of Housing
and Urban Development (HUD). The HUD-1 statement is also known as
the "closing statement" or "settlement sheet." |
HVAC
|
An acronym for "heating-ventilation-air-conditioning"
system. |
