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Real Estate Dictionary H
"habendum clause" - "hypothecate"
We try to provide as much information as possible to buyers of Ocala Real Estate. These terms and definitions apply pretty much nation wide, and we try to update with terms specifically relating to Florida Real Estate as soon as we come across something we've missed. We welcome your comments and suggestions!
HABENDUM CLAUSE:
A clause or series of clauses in an instrument of conveyance (i.e. a
Deed) which defines the extent of title (i.e. fee simple or such other title)
being transferred to the new owner of land. From Latin "habendum et tenendum",
meaning "to have and to hold".
HABITABLE:
A description of a dwelling or property that is appropriate for human
occupancy.
HALF-SECTION:
320 acres of land, 72 half-sections make up a township.
HAMLET:
1. A tragic prince of Denmark
2. A small community, smaller than a village.
HANDYMAN'S SPECIAL:
A descriptive term for a property which requires significant work to
bring it up to normal standards of condition and repair. Often marketed at a
lesser price.
HARBOR LINE:
A boundary set by local authorities marking the extent of the area
allowed for development along the sides of a navigable river or other body of
water.
HARD MONEY LOAN:
The borrower receives actual cash and not just credit.
HARD SELL:
A description of a style of salespersonship in which the potential
purchaser is placed under extreme pressure and bombarded with information and
sales pitches.
HAZARD INSURANCE:
A type of insurance designed to cover damage caused by a peril specified
in the policy of insurance (i.e. fire, flood, etc.).
HEAD OF FAMILY:
A person responsible for dependents.
HEAVY HITTER:
Slang term for any person with substantial resources.
HEIGHT ZONING:
The establishment of local by-laws or ordinances which restrict the
height of buildings in a certain area. May be used in areas near airports (for
safety reasons) or natural attractions (to maintain the view) or simply to allow
the flow of air or sunlight.
HEIRS:
Those who inherit property either by will or succession.
HEREDITAMENTS:
Anything capable of being inherited.
HIATUS:
A break or gap. In discussions of land, an area of land that lies between
two parcels of land but appears from legal descriptions and public records not
to be a part of either.
HIDDEN AMENITIES:
Qualities of a property which may not be immediately noticeable but add
to the value of the property, such as high quality materials used in
construction.
HIGH RATIO MORTGAGE:
A mortgage in which the amount of money borrowed is equal to or greater
than 75% of the purchase price/appraised value of the property against which it
is secured. Will require some sort of insurance, usually provided by a
government agency.
HIGH RISE:
A descriptive term for any building that has enough floors to make an
elevator a necessity.
HIGH WATER LINE OR
MARK:
The highest point on the shoreline to which water in a lake, river,
stream or other body of water will rise under normal weather conditions.
HIGHEST AND BEST
USE:
An appraisal phrase meaning that use which, at the time of an appraisal,
is most likely to produce the greatest net return to the land and/or buildings
over a given period of time; that use which will produce the greatest amount of
amenities or profit.
HIGHWAY:
In common parlance, a road which offers higher speed limits than a normal
urban street. In legal parlance, any road which is available to use by the
public.
HISTORIC DISTRICT:
A classification (whether under zoning, heritage or other authority) of a
specific area of a community in which the buildings and improvements have a
historical value or significance which may not be reflected in their market
value. Designation as such a district may also involve strict rules regarding
the way the buildings and properties are dealt with.
HISTORICAL COST:
A term describing the original cost of a project, stated in dollars of
the time in which the project was completed, with no adjustment for inflation.
HISTORICAL SCENARIO:
An attempt to predict the interest rate fluctuations of a Variable or
adjustable rate mortgage on the basis of the behavior of interest rates in a
previous period.
HOLD HARMLESS
CLAUSE:
Also known as "save harmless clause". A clause in a contract in which one
party releases another party for legal liability for a stated risk.
HOLDBACK:
A percentage of a contract price which is retained by a contractor or
lender until the project is complete and all bills for that project are paid.
The percentage may be set by custom or by statute.
HOLDER IN DUE COURSE:
One who has taken a note, check or bill of exchange in due course:
1. Before it was overdue,
2. In good faith and for value,
3. Without knowledge that it has been previously dishonored and without notice
of any defect at the time it was negotiated to him.
HOLDER IN GOOD
FAITH:
A person who takes title to a property without being notified of a defect
on title or a competing claim.
HOLDING PERIOD:
The span of time in which a particular party holds title to a property.
May be expressed as the total time (i.e. five years) or as a specific period
(May, 1999 to July, 2004).
HOLDING OVER:
Also known as "overholding", the term used to describe the action of a
tenant who retains possession of a premises after the lease has expired.
HOLOGRAPHIC WILL:
A will entirely handwritten and signed by the testator.
HOME EQUITY
CONVERSION MORTGAGE (HECM):
Also known as a "reverse mortgage", a loan designed specifically for
people without income but with a great deal of equity in their home (i.e.
retired people). The loan may require periodic payments or may simply accumulate
interest on the original principal until the property is sold (by the borrower
or after the death of the borrower).
HOME EQUITY LINE OF
CREDIT:
A special kind of loan (also known as a "revolving loan") which is
secured against a property and allows the owner to borrow and repay money at her
leisure. Periodic payments of at least accumulated interest are required but the
loan is fully open: may be paid out in whole or in part at any time and, if
there is still money available under the loan ceiling, the borrower may take
more money for her use.
HOME IMPROVEMENT
LOAN:
A loan made for the purposes of making improvements to a property.
HOME INSPECTION
(REPORT):
The written statement of the results of the inspection of a given
property by a professional home inspector. Will show problems and potential
problems with the property not always visible to an average purchaser (i.e. a
deteriorating roof, an ancient furnace, termites, wood rot, basement seepage).
Many purchasers make their offer to purchase conditional upon obtaining a
satisfactory Home Inspection report.
HOME INSPECTOR:
A person who offers a service of making a physical inspection of homes.
Qualifications may vary.
HOME KEEPER SM:
A form of Home Equity Conversion Mortgage offered by Fannie Mae to older
homeowners to allow them to use the equity in their home to provide either a
lump sum or periodic payments to themselves.
HOME OWNER
ASSOCIATION:
A cooperative effort by property owners in a given neighborhood aimed at
improving quality of life, providing a unified political voice or combating
identified ills.
HOME OWNER'S
INSURANCE:
Liability coverage for property owners covering both loss/damage to
property or dwelling and personal liability.
HOME PLANS:
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HOME RULE:
Common name for the state's transferring of power to the local
governments to pass regulations regarding land use.
HOMEOWNER'S
(HOMESTEAD) TAX EXEMPTION:
A tax break for home owners offered in certain jurisdictions which sees
property tax assessments reduced by a certain percentage as a result of the fact
that the taxpayer resides in the property. May require evidence of the status of
ownership to be filed periodically with taxing authority.
HOMEOWNERS'
ASSOCIATION:
The non-profit organization that oversees the common elements in a
planned unit development (PUD) or condominium project.
HOMEOWNER'S
ONCE-IN-A-LIFETIME TAX EXCLUSION:
A capital gain exemption of the first $125,000.00 in gains earned from
the sale of a principal residence by a qualified taxpayer.
HOMEOWNER'S WARRANTY
(HOW) PROGRAM:
A warranty program offered by a division of the National Association of
Home Builders through certain builders. The program sets standards for
construction and requires warranties ranging from one to ten years in duration
on everything from minor defects in workmanship to major structural problems.
HOMESTEAD DEED:
A home upon which the owner or owners have recorded a Declaration of
Homestead, protects home against judgments up to specified amounts.
HOMESTYLE MORTGAGE
LOAN:
A mortgage specifically designed to allow owners to improve their
existing homes.
HOUSE-POOR:
A description of the state of having very little disposable income after
paying the financing and carrying costs of one's home.
HOUSING
AFFORDABILITY INDEX:
National Association of Realtors analysis, issued on a monthly basis, of
the ability of the average family to afford the average home with only 20% down.
HOUSING AND URBAN
DEVELOPMENT (HUD):
Federal Agency charged with the duty of overseeing a number of enactments
relating to housing in America.
HOUSING ASSISTANCE
COUNCIL (HAC):
Funded by HUD, an agency designed to support low-income housing
development in rural areas.
HOUSING CODE:
Municipal rules setting minimum standards for dwellings.
HOUSING EXPENSE
RATIO:
A comparison of a family's monthly gross income with the carrying costs
of their home.
HOUSING FINANCE
AGENCY:
State body whose function is to provide loans to citizens who cannot
obtain home ownership loans through normal channels.
HOUSING STARTS:
An economic indicator, the number of dwelling units (including
apartments) on which construction is begun in a given period of time.
HUD:
See "Housing and Urban Development".
HUD I SETTLEMENT STATEMENT:
The form in which the costs of purchasing a home are itemized.
HUD MEDIAN INCOME:
Used in determining eligibility for various HUD programs, the average
income for a family in a specific area.
HUD-1 STATEMENT:
See "HUD I Settlement Statement".
HUNDRED PERCENT
LOCATION:
A city retail business location which is considered the best available
for attracting business.
HYBRID MORTGAGE:
A form of mortgage in which the compensation to the lender may include
receiving income directly from the use of the property.
HYPOTHECATE:
To give a thing as security without the necessity of giving up possession
of it.