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Real Estate Dictionary
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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

H

Hazard insurance

Insurance protection for specified losses due to natural causes, such as fire, floods, earthquake, tornadoes, and other "acts of God"

Heir

An individual who will potentially inherit an interest in land from someone who dies

Hiatus

A gap or space between two parcels of lands that is not included in the legal description of either parcel

Home equity line of credit, or Home equity loan

A mortgage loan (usually not the primary mortgage) or line of credit which gives the property owner the option to obtain cash advances from the loan proceeds, using his or her residence as collateral, but which is not to exceed a pre-arranged amount of the owner's total equity in the property

Homeowners' association

A nonprofit association of individual owners of units in a multi-unit structure (either a planned unit development, or a condominium) that manages the common areas of that structure. In a planned unit development (PUD) project, the association holds title to the common elements, whereas in a condominium project, it holds no title to the common elements

Homeowner's insurance

An insurance policy available to residential real estate owners that protects homeowners against financial loss from fire, theft, public liability, and other risks

Homestead

Real estate that is owned and utilized as the primary family residence, protected in some states as exempt from the claims of creditors

Homestead deed

A document filed in the land records asserting a homestead exemption, protecting a variable amount of his assets (depending on which state) against the claims of creditors

Housing ratio, or Debt-to-income ratio

The percentage that results from dividing a borrower's housing expenses by his/her gross monthly income, used by the lender to evaluate an applicant's qualification for a loan

HUD-1 statement

The document used in closing a real estate transaction (also known as a "closing statement" or a "settlement sheet") which itemizes the funds that are payable at closing, including broker commissions, loan costs, and escrow amounts, and which provides a summary of the seller's net proceeds and the buyer's net payment at closing. It is required by the US Department of Housing and Urban Development (HUD) whenever federally-related mortgages are being made on residential properties

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



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Real Estate Tips
Animal House >Buying Bug Free

If your house is a typical one, there is probably some kind of small, leggy creature that makes its home with you. Whether they are termites, fleas, roaches, ants, or spiders, it is a good idea to serve them with an eviction notice before you put your home on the market. If home remedies like ionized boric acid don't work, paying a professional exterminator will be money well spent.

Most standard sales agreements require that a property be inspected before the closing and treated for termite infestation, if necessary. It is a good idea to check for insect problems as soon as you sign a listing agreement, so that they don't become an issue of contention in the sale. Some insects may not physically damage the house, but may reduce its chances of selling for top dollar. Constantly having to push back spider webs while touring the house could seriously undermine a prospective buyer's ability to fully appreciate your home.

See All Tips In The "Animal House" Category >
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Real Estate Trivia
Q 
What is the fastest-growing state in the U.S.?

A 
Nevada, for the 19th consecutive year, according to 2005 Census Bureau statistics.
See More Real Estate Trivia >


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Peg Maloney, REALTOR®, real estate agent and broker for Omaha, Nebraska home listings, property and land for sale - NUMBER1EXPERT

Peg Maloney
RE/MAX Real Estate Group

9805 Giles Rd
Omaha
Ne 68128
402-598-3965
800-248-6647
402-594-2000
Fax: 402-593-0454
peg@maloney.com

Licensed to sell real estate since 1982, Peg has been selling the entire Omaha metro area, including Papillion, Millard, Bellevue, Ralston, and Offutt Air Force Base. With a proven track record, and references from many satisfied buyers and sellers, Peg gives extraordinary service to families coming to or leaving Omaha. She has become a Certified Distressed Property Expert, a Certified Relocation Specialist, an Accredited Buyer Representative, a Certified Luxury Homes Marketing Specialist, a 203K Rehab Loan Specialist, a member of the Real Estate Cyberspace Society and a Seniors Real Estate Specialist. You'll enjoy the process of buying or selling because Peg makes it so easy and fun!

ABR CLHMS CRS Equal Housing GRI MLS REALTOR SRES



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