Albuquerque NM Real Estate Key Terms
Habendum Clause is the part of the deed beginning with the words to have and to hold, following the granting clause and defining the extent of ownership the grantor is conveying
Heir is a person who inherits under a will or a person who succeeds to an interest under the state laws of descent if the decedent dies without a will
Highest and Best Use is term meaning that use of a property which is most likely to produce the greatest net return to the property over a given period of time
Hip Roof is a pitched roof with sloping sides and ends
Hold Harmless Clause is a contract provision whereby one party agrees to indemnify and protect the other party from an injuries or lawsuits arising out of the particular transaction
Holdover Tenant is a person who stays on the leased premises after their lease has expired. The landlord normally has the choice of evicting the tenant or agreeing to allow them to remain as a tenant and pay rent
Home Equity Line of Credit (HELOC) is a loan under which a home owner uses their residence as collateral and can then draw funds up to a prearrange amount against the property
Home Inspection is an inspection performed by a professional to determine the condition of a property
Home Owner’s Insurance is standardized insurance package that covers residential real estate owner against a financial loss from fire, theft, public liability and other common risks
Homestead is a piece of property that is owned and occupied as the family’s primary residence
Hostile Possession is possession of real property by one person that is adverse and in opposition to the possession of the title owner.
HUD is a federal a department of the federal government known as the U.S. Department of Housing and Urban Development. HUD has many programs including, public housing, model cities, urban renewal, rehabilitation loans, and FHA subsidy programs
HUD 1 Form is a form used at closings detailing closing costs for the buyer and seller that is used for all loans that are federally related, (FHA, VA, FDIC insured funds) and for any loans that will be sold to Freddie Mac or Fannie Mae
HVAC is an acronym that stands for Heating Ventilating Air Conditioning systems in a building.
Myers & Myers Real Estate is a full service real estate brokerage located in Albuquerque New Mexico. We help home buyers and home sellers in the Albuquerque metro achieve their real estate goals. Our website has every home for sale in the Southwest Multiple Listing Service. Check out homes for sale in Albuquerque, homes for sale in Rio Rancho, homes for sale in Corrales, homes for sale in East Mountains, homes for sale in Valencia County, and homes for sale in Los Lunas.
