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Please select the first letter in the dictionary.
Hazard Insurance -Also known as "home owner's insurance." A form of insurance in which the insurance company protects the insured from specified losses. Hereditaments - Any and all kinds of estates, interest, and rights in real estate that can be inherited. Hidden Defect - Any claim on a property that does not appear in the public records. Examples include an unknown heir or an unrecorded municipal utility lien. Home Owner's Association (HOA) - An organization of home owners living in a particular development whose major purpose is to maintain and provide community services for the enjoyment of the residents. In real estate, it is called a PUD and often charges a maintenance fee for providing lawn and yard care and maintenance of common areas in the development, such as a recreational area. Homestead Rights - The rights of the head of a family or the household residents in real estate that is owned and occupied as a residence. Some states grant statutory exemptions, protecting homestead property against the rights of creditors. Property tax exemptions for all or part of the tax are also available in some states. Statutory requirements to establish a homestead may include a formal declaration to be recorded or at the least to file a declaration with a government property appraiser, assessor, or collector. Housing Expenses-to-Income Ratio - The ratio, expressed as a percentage, that results when a borrower's monthly housing expenses are divided by his/her gross monthly income. Housing and Urban Development (HUD) - Office of Housing/Federal Housing Administration within HUD insures home mortgage loans made by lenders and sets minimum standards for such homes.
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