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Hazard insurance
Insurance protection for specified losses due to natural causes,
such as fire, floods, earthquake, tornadoes, and other "acts of God"
Heir
An individual who will potentially inherit an interest in land from
someone who dies
Hiatus
A gap or space between two parcels of lands that is not included in
the legal description of either parcel
Home equity line of credit, or Home equity loan
A mortgage loan (usually not the primary mortgage) or line of credit
which gives the property owner the option to obtain cash advances
from the loan proceeds, using his or her residence as collateral,
but which is not to exceed a pre-arranged amount of the owner's
total equity in the property
Homeowners' association
A nonprofit association of individual owners of units in a
multi-unit structure (either a planned unit development, or a
condominium) that manages the common areas of that structure. In a
planned unit development (PUD) project, the association holds title
to the common elements, whereas in a condominium project, it holds
no title to the common elements
Homeowner's insurance
An insurance policy available to residential real estate owners that
protects homeowners against financial loss from fire, theft, public
liability, and other risks
Homestead
Real estate that is owned and utilized as the primary family
residence, protected in some states as exempt from the claims of
creditors
Homestead deed
A document filed in the land records asserting a homestead
exemption, protecting a variable amount of his assets (depending on
which state) against the claims of creditors
Housing ratio, or Debt-to-income ratio
The percentage that results from dividing a borrower's housing
expenses by his/her gross monthly income, used by the lender to
evaluate an applicant's qualification for a loan
HUD-1 statement
The document used in closing a real estate transaction (also known
as a "closing statement" or a "settlement sheet") which itemizes the
funds that are payable at closing, including broker commissions,
loan costs, and escrow amounts, and which provides a summary of the
seller's net proceeds and the buyer's net payment at closing. It is
required by the US Department of Housing and Urban Development (HUD)
whenever federally-related mortgages are being made on residential
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