REAL ESTATE DICTIONARY - 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.
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