REAL ESTATE AND MORTGAGE TERMS:  H

Hazard Insurance

Insurance on a property against damages caused by fire, wind storms, and similar risks.

Heirs and Assigns

One who might inherit or succeed to an interest in a property under the rules of law applicable when a property owner dies.

Holographic Will

Will written in the testator's handwriting and not witnessed.

Homeowners Association

An association of people who own homes in a given area for the purpose of improving or maintaining the quality of the area.

Homeowner's Policy

Policy which expands the insurance for a homeowner. It may include theft, liability, earthquake, etc.

Homeowner's or Maintenance Fees

Payments made by property owner (s) of a condominium or a unit in PUD to the homeowners' association for expenses incurred in upkeep of the common areas.

Homestead

Tract of land occupied as a family home.

Housing and Urban Development (HUD)

The federal government agency that oversees FHA.

HUD 1

A closing document required by HUD that outlines the settlement cost of a loan. The closing agent generally prepares the document and buyer receives it shortly after the loan is closed.

GLOSSARY:

A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | W | X | Y | Z