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Real Estate Glossary
To view a real estate term, click on one of the letters below.
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Homeowner's Insurance (Hazard Insurance) - Insurance coverage that compensates
for physical damage to a property from fire, wind, vandalism, or other hazards.
The policy typically combines personal liability insurance and property hazard
insurance coverage for a dwelling and its contents. See also homeowner's
insurance.
Home Equity Line Of Credit (HELOC) - 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.
Homeowners' Association - 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. See also master association.
Homeowner's Insurance - Insurance coverage that compensates for physical damage
to a property from fire, wind, vandalism, or other hazards. The policy typically
combines personal liability insurance and property hazard insurance coverage for
a dwelling and its contents.
Homeowner's Warranty (HOW) - A type of insurance that covers repairs to
specified parts of a house for a specific period of time. It may be provided by
the builder or property seller as a condition of the sale but homeowners can
also purchase it.
Housing Expense Ratio - The percentage of gross monthly income that goes toward
paying housing expenses.
HUD Median Income - Median family income for a particular county or metropolitan
statistical area (MSA), as estimated by the Department of Housing and Urban
Development (HUD).
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."
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