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habendum clause
The "to have and to hold"
clause that defines the quantity of the estate
granted in the deed. |
half-bath
Also called a powder room, a
half-bath contains a toilet and a sink but no
bathtub or shower stall. |
handyman's special
A house in fixer-upper
condition. |
hardboard
A material made from wood
fibers that is designed to simulate wood. |
hardwood
Wood that comes from deciduous
trees such as oak, walnut, and maple; typically used
for fine interior finishes. |
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hazard insurance
Also known as homeowner's
insurance or fire insurance, hazard insurance covers
physical risks such as fire and wind damage. Lenders
usually require coverage for at least the
replacement value of the home. |
head jamb
The top horizontal member in a
door or window frame. |
header
A crossbeam above a window or
door. |
heat anticipator
A component of a mechanical
thermostat that shuts off the furnace or boiler just
before the set temperature is reached to prevent
overheating. |
heat pump
An electric cooling and heating
system. |
hectare
The equivalent of 2.471 acres. |
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hiatus
A gap between two parcels of
land that is not included in the legal description
of either property. |
high density
The concentration of housing
units in a specific area or on a specific property. |
high-rise
Any building taller than six
stories. |
hip roof
A pitched roof with sloping
sides. |
historic preservation
The physical rehabilitation of
a historic home or building, and the movement of the
same name begun in the 1960s in the United States to
preserve and protect landmarks and urban
neighborhoods. |
historic structure
A home or building listed in
the National Register of Historic Places and
certified as historic by the U.S. Secretary of the
Interior. |
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hollow-core door
A door with a hollow interior. |
home equity conversion
mortgage
Loans made to older owners who
want to convert equity into money. Because borrowers
are qualified on the basis of the value of their
home, the loan is not the same as a home equity
loan. Also known as reverse mortgages. |
home equity line of
credit
An open-ended line of credit
based on a homeowner's accumulated equity. Most loan
amounts are limited to 75 to 85 percent of home's
appraised value; withdrawals can be made at any time
within the credit line's guidelines. |
home equity loan
A loan that allows owners to
borrow against the equity in their homes. |
home inspection
An examination of a home's
construction, condition, and internal systems by an
inspector or contractor prior to purchase. |
home inspector
A professional who evaluates
the structural soundness and operating systems of a
residence. |
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home price
The price agreed upon by a
buyer and seller, usually based on an appraisal of
the house's market value. If there's a difference
between price and appraised value, lenders will base
their loan on the lower amount. |
home rule
The power of a local government
to adopt its own land-use regulations. |
home warranty
A type of insurance that covers
repairs to certain parts of a house and some
fixtures. |
homeowner's insurance
This insurance includes hazard
coverage for any damages that may affect the value
of a house, in addition to personal liability and
theft coverage. |
homeowners' association
(HOA)
A group that governs a
subdivision, condominium, or planned community. The
association collects monthly fees from all owners to
pay for common area maintenance, handle legal and
safety issues, and enforce the covenants,
conditions, and restrictions set by the developer. |
homeowners' association
dues
Monthly payments due to a
homeowners' association, to be used for maintenance
and communal expenses. Condominiums, townhouse
complexes, and planned unit developments (PUDs) may
require monthly homeowners' association dues. |
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homeowners' warranty
A special insurance policy that
covers certain home repairs for a specified amount
of time. |
homestead
A parcel of land used by the
owner as a primary residence. |
homesteading
A document that to protects
some of a home's equity from lawsuits. |
homogenous
A term used to describe an area
or neighborhood where the property types and uses
are similar and compatible. |
hopper window
A window that contains a single
sash that tilts inward. |
hose bibb
A threaded faucet connection
for devices such as a washing machine. |
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hot wire
An ungrounded conductor that
carries electrical current from the source. Hot
wires usually (but don't always) have black or red
insulation. |
house wrap
A polyethylene barrier wrapped
around a house to save energy. |
housing discrimination
The illegal practice of denying
an individual or group the right to buy or rent a
home based on race, color, religion, national
origin, sex, disability, or family status. |
housing expense ratio
The percentage of gross monthly
income devoted to housing costs. |
HUD
Abbreviation of (the U.S.
Department of) Housing and Urban Development, a
federal agency that oversees the Federal Housing
Administration (FHA) and a variety of housing and
community development programs. |
HUD-1 Uniform Settlement
Statement
A closing statement or
settlement sheet that outlines all closing costs on
a real estate transaction or refinancing. |
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hugger
A type of ceiling fan that uses
little vertical space. It is usually used in homes
with low ceilings. |
humidistat
Thermostat-like device that
measures the amount of water vapor in the air and
turns a humidifier or dehumidifier on and off
accordingly. |
HVAC
Heating, ventilation, and air
conditioning. |
