Your Online Legal Resource Center for Property Management

HABENDUM - A statement in a legal document which describes the type of ownership, such as life or fee estate.

HABITABLE - Of a condition fit to live in.

HACIENDA - A house or an establishment, such as a farm or an estate.

HALF BATH - Also called powder rooms, half-baths contain a toilet and a sink but no bathtub or shower stall.

HALF TIMBERED - The decorative effect of exposed timbers associated with Spanish, Italian, or Bavarian architecture.

HAND - The width of an average size man's hand, usually 4 inches.

HANGOUT - The amount of time difference between a lease an a loan term, such as occurs when a lender makes a loan for 15 years to a lessee whose lease will expire in 10 years. The 5 year difference is referred to as a hangout.

HARD MONEY MORTGAGE - A mortgage given in return for cash, as opposed to a purchase money mortgage incurred to facilitate the sale of real property.

HARDPAN - A packed, non-porous soil layer that is difficult for water or a shovel to penetrate.

HARDWOOD - Wood from slow growing trees such as maple, oak, and walnut.

HARMONIOUS - In balance, coordinated.

HAZARD INSURANCE - This provision of homeowners insurance covers damage by fire, wind or other disaster. It is required by all lenders before a loan is approved

HEADER - Crossbeams above windows and doors.

HEARTH - The floor of a fireplace.

HEAT PUMP - An electric cooling and heating system. Hectare The equivalent of 2.471 acres.

HEIGHT DENSITY - The maximum allowed height of a building as established by zoning restrictions.

HEIR - One who receives the estate of a deceased person who left no will.

HEREDITAMENTS - Inheritable property.

HETEROGENEOUS - An area of assorted types and styles of property which detracts from overall value.

HIDDEN RISK - The potential for a flaw in title that is not easily detected, such as would be created by a forged signature on a deed.

HIGH DENSITY - The concentration of housing units in a specific area or on a specific property.

HIGHEST AND BEST USE - The utilization of land in a manner that would generate the greatest return on investment on it.

HIGH-RISE - Any building higher than six stories.

HIGHWAY FRONTAGE - For the purpose of estimating real property value, the amount of footage that fronts that fronts a main road or highway.

HIP ROOF - A pitched roof with sloping sides.

HISTORIC COST - The original construction cost of a building.

HISTORIC PRESERVATION - The physical rehabilitation of a historic home or building and the movement begun in the 1960s in the US to preserve and protect landmarks and urban neighborhoods.

HISTORIC STRUCTURE - A home or building listed in the National Register of Historic Places and certified as historic by the US Secretary of the Interior.

HOLDBACK - Part of a loan held by the lender until certain conditions have been met, such as to bring a property to good repair under FHA or VA appraisal specifications.

HOLDER IN DUE COURSE - The holder of a note or check that is no longer good.

HOLD HARMLESS AGREEMENT - See Indemnity Agreement.

HOLDING ESCROW - An escrow established to hold a deed until fulfillment of the terms under a contract; may also be used to collect payments due underneath contract and pay encumbered such as taxes and insurance.

HOLDING PERIOD - The amount of time a taxpayer holds a property before resale; determines whether it is a long or short term capital gain for tax purposes.

HOLD OVER TENANT - A tenant who occupies property beyond the term of a lease.

HOME EQUITY CONVERSION MORTGAGE - Loans made to older owners who want to convert equity into money. Because borrowers are qualified on the basis of the value of their home,i.e., the loan is not the same as a home equity loan. Also known as reverse mortgages.

HOME EQUITY LOAN - A loan that allows owners to borrow against the equity in their homes.

HOME INSPECTION - An examination of a home's construction, condition and internal systems by an inspector or contractor prior to purchase.

HOME OWNER'S ASSOCIATION - Groups that govern most modern subdivisions and planned communities. The associations collect monthly fees from all owners to pay for maintenance of common areas, handle legal and safety issues, and enforce the covenants, conditions and restrictions set by the developer.

HOMEOWNER'S INSURANCE - This insurance includes hazard coverage for any damages that may affect the value of a house, in addition to personal liability and theft coverage.

HOMEOWNER'S WARRANTY - Special insurance policies that cover certain home repairs for a specified amount of time. Home rule The power of a local government to adopt its own land-use regulations.

HOMESTEAD EXEMPTION - A reduction in property tax set by statute in some states for older homeowners; may also exempt a personal residence from claims of creditors.

HOME WARRANTY INSURANCE - A type of insurance that covers repairs to certain parts of a house and some fixtures

HOMOGENEOUS - Of similar kind and style; in estimating property value, conformity of use and style enhance overall worth.

HORIZONTAL PROPERTY LAW - The label for the first condominium law which was created in Puerto Rico.

HOPPER WINDOW - A window that contains a single sash that tilts inward.

HOSE BIBB - A threaded faucet connection for devices such as a washing machine.

HOT TUB - An open-topped tank approximately 4 to 6 feet in diameter filled with hot, circulating water for relaxation and recreation.

HOT WATER HEATING SYSTEM - Warm air generated from hot water heated in a boiler and circulated through a system of pipes.

HOUSE RULES - Regulations established by a condominium or planned unit development homeowner's association through their board of directors to promote harmonious use of the common ground and facilities.

HOUSE SEWER - A home's public sewer service.

HOUSING DISCRIMINATION - The illegal practice of denying an individual or group the right to buy or rent a home based on race, color, religion, national origin, sex, disability or family status.

HOUSING EXPENSE RATIO - The percent of gross monthly income devoted to housing costs.

HOUSING STARTS - Houses on which construction has been started; counted to determine the potential supply and demand for money, material labor.

HOUSE WRAP - A polyethylene barrier wrapped around a house to save energy.

HUD - see Department of Housing and Urban Development.

HUD-1 UNIFORM SETTLEMENT STATEMENT - A closing statement or settlement sheet that outlines all closing costs on a real estate transaction or refinancing.

HUMIDIFIER - An apparatus commonly attached to furnaces to add moisture to dry, heated air in a building.

HUNDRED PERCENT LOCATION - The best location possible for a particular building project or the land of greatest value in a given area; an appraisal term.

HYDROGRAPH - An apparatus which measures the depth or flow of water in a well or stream.

HYPOTHECATE - The pledging of a specific piece of property as security for a loan without actually giving up possession of it. .