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Real Estate & Mortgage Terms Disclaimer: Always seek advice regarding
questions for: Legal,
Tax, Accounting, Lending, Surveying, Inspecting, etc. from those other areas of
expertise. They may best answer questions regarding these
matters! Additionally, please allow that
"typos" / errors / changes may occur at this site and / or
other sites, herein referred / linked to... Information is presented only for your convenience. Any corrections
or suggestions are gladly
received! Thanks for visiting our site! Quigley Team, Realty World - John Horton &
Assoc.)
Hazard Insurance (Fire Insurance, Homeowner's insurance): Insurance on a property against fire and other risks. A homeowner's policy may have additional coverage for theft, liability, etc. that a fire insurance policy may not cover.
Homeowners Association: An association of homeowners in a particular subdivision, planned unit development (PUD), or condominium organized to manage the common area of the development and to enforce the association rules and regulations.
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Homestead: Status provided to a homeowner's principal residence in some states that protects the home against
judgments up to specified amounts.
Homestead Exemption: Available in some states - this causes the assessed value of a principal residence to be reduced by the amount of the exemption for the purposes of calculating property tax. Example: John's principal residence is assessed at $100,000 and the homestead exemption is $7,000. His property taxes will be based on $93,000.
Home Warranty Plan: Insurance that covers appliances, heating systems, etc. Typically purchased at the time of closing.
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Housing and Urban Development:
A U.S. government agency established to implement certain federal housing and community development programs.
Housing Code: A local government ordinance that sets minimum standards of safety and sanitation for existing residential buildings.
HUD 1: A closing document required by HUD that outlines the settlement cost of a loan. The closing agent prepares this document and sends it to the buyer upon closing.
Hypothecate: To pledge a property as security without having to give up possession of it.
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I Terms
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AUSTIN "STATS"