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Real Estate Dictionary/Glossary A,
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N.B. This glossary is provided with the understanding that the author is not
providing any legal, or other professional services. If legal or real estate
advice is required, the services of a competent professional person should be
sought.
Habendum Clause
That part of a deed beginning with the words "to have and to hold," following
the grantor is conveying.
Habitability
Fit for human habitation. (See implied warranty)
Handicap
As defined in the fair housing act, a physical or mental impairment that
substantially limits one or more major life activities (walking, seeing,
learning, working) or a record of having such an impairment or being regarded as
having such impairment. Handicap does not include current, illegal use or
addiction to a controlled substance. (See disability)
Hard Money Loan
A loan made in cash by a non-institutional lender.
Hazardous Waste
A subset of solid wastes that pose substantial or potential threats to public
health or the environment and meet any of the following criteria
Is specifically listed as a hazardous waste by EPA;
Exhibits one or more of the characteristics of hazardous waster (ignitability,
corrosiveness, reactivity, and/or toxicity;
Is generated by the treatment of hazardous waste or is contained in a hazardous
waste.
Toxic waste materials jeopardize the value of real estate.
Hazardous Waste Disclosure
California Health and Safety Code (§ 25359.7(a)) requires owners of
nonresidential properties to disclose to prospective buyers or lessees the
existence of hazardous substances on or beneath a property. Both residential and
nonresidential tenants are required to notify landlords if hazardous substances
have been released on a property.
Heat Absorbing Glazings
A technology that uses heat-absorbing glazing with tinted coatings to absorb
solar heat gain through windows. This approach does allow some light to pass
through the tinted windows.
Heat Exchanger
Heat exchange is the method by which the unwanted heat is removed from a system.
A heat exchanger is a device by which energy (in the form of heat) is
transferred from one fluid or gas to another across a solid surface.
Heir
A person who inherits under a will or a person who succeeds to property by the
state laws of descent if the decedent dies intestate. (See intestate)
Hereditaments
Property capable of being inherited.
Heterogeneity
The quality or state of being heterogeneous; different in kind; unlike;
incongruous.
Highest and Best Use
The possible use of a property that would produce the greatest net income and
thereby develop the highest value.
High-rise Developments
Sometimes called mixed-use developments (MUDs), these combine office space,
stores, theaters and apartment units in a single vertical community. MUDs
usually are self-contained and offer laundry facilities, restaurants, food
stores, valet shops, beauty parlors, barbershops, swimming pools and other
attractive and convenient features.
Hold-Harmless Clause
A contract provision whereby one party agrees to indemnify and protect the other
party from any injuries or lawsuits arising out of the particular transaction.
Such clauses are usually found in leases in which the lessee agrees to
"indemnify, defend and hold harmless" the lessor from claims and suits of third
persons for damage resulting from the lessee's negligence on the leased
premises.
Holdback
Funds not released under a construction loan agreement due to a failure to lease
to the required minimum.
Holder in Due Course
The holder of a negotiable instrument (check or note) purchased for value when
the instrument appears complete and regular on its face; is taken before its due
date and without notice of previous dishonour; and the holder has no notice of
any defects in title of the transferor.
Holdover Tenancy
A tenancy whereby a lessee retains possession of leased property after the lease
has expired and the landlord, by continuing to accept rent, agrees to the
tenant's continued occupancy as defined by state law.
Holographic Will
A will that is written, dated and signed in the testator's handwriting, but not
witnessed. Some states consider a holographic will to be valid even though it
was not witnessed, presumably on the theory that the handwriting can be analyzed
to verify authenticity and demonstrate competency.
Home Equity Loan
A loan (sometimes called a line of credit) under which a property owner uses his
or her residence as collateral and can then draw funds up to a prearranged
amount against the property.
Home Energy Rating System (HERS)
A standardized system for rating the energy efficiency of residential buildings.
(See HERS score)
Home Expense-To-Income Ratio
A ratio expressed as a percentage that is used by the mortgage industry to
determine a borrower's qualification for a loan. It is calculated by dividing
the borrower's total monthly housing expenses by his or her gross monthly
income.
Home Mortgage Disclosure Act (HMDA)
Enacted by Congress in 1975 and implemented by the Federal Reserve Board's
Regulation C, a federal law that requires lenders with federally related loans
to disclose to the Federal Reserve the number of loan applications and loans
made in different parts of their service areas; designed to eliminate the
discriminatory practice of redlining. (See Federal Reserve, redlining)
Homeowner Instructions
Instructions given to a property owner by a listing broker that advise the owner
of cleaning and repairs that will improve the appearance and increase the value
of a listed property.
Homeowner's Association
A non-profit association of homeowners organized pursuant to a declaration of
restrictions or protective covenants for a subdivision, PUD or condominium.
Homeowner's Guide to Earthquake Safety
A document produced by the State of California Seismic Safety Commission
intended to help inform homeowners on earthquake safety issues in homes.
Homeowner's Insurance Policy
A standardized package insurance policy that covers a residential real estate
owner against financial loss from fire, theft, public liability and other common
risks. (See basic form homeowner's policy and broad form homeowner's policy)
Homestead
A statutory exemption of real property used as a home from the claims of certain
creditors and judgments up to a specified amount; requires a declaration of
homestead be completed and filed with the county recorder's office.
Homestead Exemption
The amount of homestead protection from unsecured creditors—$50,000 for single
persons, $75,000 for families, $100,000 for persons 65 years of age, and
$100,000 for disabled persons unable to work.
Home Warranty Insurance Policy
An insurance policy that insures against plumbing, electrical, heating, and
major appliance problems for the term of the policy.
Homogeneous
Composed of parts all of the same kind or of the same kind or nature;
essentially alike.
Housing Accommodation
Housing accommodations are any improved or unimproved real property, or portion
thereof, used as the home, residence, or sleeping place of one or more human
beings. It does not include accommodations operated by non-profit religious,
fraternal, or charitable associations or corporations, provided that such
accommodations are used in the furtherance of the primary purposes for which the
association or corporation was formed.
Housing Affordability Index
A measure of the percentage of the United States population who can afford to
purchase a home; based on average income and average home price.
Housing Financial Discrimination Act of 1977 (Holden Act)
The Act prohibits financial institutions (banks, savings & loans, or other
financial institutions, including mortgage loan brokers, mortgage bankers and
public agencies) from engaging in discriminatory loan practices.
Household Waste (also referred to as domestic waste)
Solid waste, composed of garbage and rubbish, which normally originates from
residential, private households, or apartment buildings. Domestic waste may
contain a significant amount of toxic or hazardous waste from improperly
discarded pesticides, paints, batteries, and cleaners.
HVAC
The acronym for Heating, Ventilation, and Air Conditioning.
Hybrid Financing
Mixing forms of conventional financing to create a new approach. (See
convertible loan, participation mortgage)
Hypothecate
To pledge real or personal property as security for a loan or other obligation
without surrendering possession of the property. The borrower retains the rights
of control and possession, and the lender secures an underlying equitable right
in the pledged property.
Real Estate Dictionary/Glossary 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
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