Basic Terms Used for Real Estate & Mortgages
Real estate & loans may involve other terms. In the event you don't understand some of these terms, ask for help from your real estate agent, lender or attorney.
Hazard Insurance
- Fire Insurance-Insurance on the home against fire and other risks.
- Homeowner's Insurance-additional coverage against theft and liability.
Homeowners Association
Homeowner's of a particular area, community, planned unit development (PUD), or complex that come to an agreement about the rules and regulations along with property management.
Homestead
A law in which the owner and his family can not be forced into sale because of bad credit or debits that may have incurred.
Homestead Exemption
Available in some states - this causes the assessed value of a principal residence to be reduced by the amount of the exemption for the purposes of calculating property tax.
Home Warranty Plan
Insurance Purchased around the closing period. The insurance that covers appliances, heating/cooling systems, etc.
Housing and Urban Development
Housing and community development project implemented by government agencies.
Housing Code
Residential homes must follow a set of standard safety and health regulations.
HUD 1
A closing agent makes a closing document that states the settlement cost of the loan. Once the agent finishes the document it is sent to the buyer at closing.
