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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" |
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Heir |
An individual who will potentially inherit an
interest in land from someone who dies |
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Hiatus |
A gap or space between two parcels of lands that
is not included in the legal description of either parcel |
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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 |
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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 |
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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 |
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Homestead |
Real estate that is owned and utilized as the
primary family residence, protected in some states as exempt from the claims of
creditors |
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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 |
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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 |
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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 properties |
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Did I Miss the Word YOU Are Looking For? Is there a real estate word that I failed to explain here in my dictionary for homebuyers and sellers? Let me be your personal real estate dictionary! I'll send a brief explanation of any word or term that you encounter when buying and selling property. Do you have a suggestion of a real estate word that should be included? Let me know! I always appreciate feedback. Do any of these definitions raise questions for you? Didn't find the word you're looking for? Let me know! I'm happy to answer ANY questions. It's my job! There's no obligation, and I promise to get back to you quickly... 
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Marty Rice
Coldwell Banker Blair and Associates
2408 Highway 105 South
Boone, NC, 28607
TOLL FREE: 800-473-2653
OFFICE: 828-262-1836
MOBILE: 828-773-1874
DIRECT:: 828-264-8000
MartyRice@bellsouth.net
I can make your move to The High Country a great experience – whether you are an investor, family, or young professional!
If you are an App State parent looking to purchase student housing, call me for expert advice on how to get into a townhouse with a low down payment plus closing costs.
If you are looking for a seasonal home, count on me to find you the vacation communities that cater to your interests!
If you are moving your family here, count on me to find you the perfect home and get you acquainted with the community.
I have lived and been involved in The High Country since 1979 - raised my family here. I know the doctors, attorneys, schools, churches, and all the sports teams!
Let me be your "High Country Connection" to acquaint you with our beautiful Blue Ridge Mountain community!
Are you planning to sell? I will customize a Comparative Market Analysis just for you. My skill at pricing homes, marketing strategies, commitment to service and communication has helped sell my homes in record time. Just call or email me – I would love to make your next move the best you’ve ever made!
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