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Glossary > H
Frequently used terms
Hazard Insurance
Home
Equity Line
Home Equity
Loan
Home Inspection
Homeowner's Insurance
Homeowners
Association (HOA)
Homeowners Association
Dues
Homestead
HUD
HUD-1 Uniform Settlement Statement
Habendum clause
The "to have and to hold" clause that defines the
quantity of the estate granted in the deed.
Half-bath
A half-bath contains a toilet and a sink but no bathtub or
shower stall. (Also called a powder room)
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.
Hazard insurance
Hazard insurance provides coverage for damage from items as
fire and wind. Mortgage lenders require coverage for
at least the replacement value of the home. (Also known
as homeowner's insurance or fire insurance)
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.
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
to protect landmark property.
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.
Hollow-core door
A door with a hollow interior.
Home equity line
An open ended line of credit based on a homeowner's accumulated
equity.
Home equity loan
A loan that allows owners to borrow against the equity in their
homes however unlike a home equity line this product provides
a defined amount at closing without an option to redraw in the
future.
Home inspection
An examination of a home's condition by a licensed inspector
prior to purchase.
Home inspector
A licensed professional who evaluates the structural soundness
and operating systems of a residence.
Home price
The price agreed upon by a buyer and seller, usually based
on an appraisal of the house's market value.
Home rule
The power of a local government to adopt its own land-use
regulations.
Homeowner's insurance
Insurance that includes 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.
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 used to protect 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.
Hot wire
An ungrounded conductor that carries electrical current
from the source.
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. HUD is 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 for the buyer
and seller.
Humidistat
Device that measures the amount of water vapor in the air
and turns a humidifier or dehumidifier on and off accordingly.
HVAC
Acronym for heating, ventilation, and air conditioning.
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