Key Real Estate Terms H | Myers & Myers Real Estate

Key Real Estate Terms H

This article provides the definition of key estate terms beginning with the letter H.

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.

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