HABENDUM CLAUSE:
A clause or series of clauses in an instrument of
conveyance (i.e. a Deed) which defines the extent of
title (i.e. fee simple or such other title) being
transferred to the new owner of land. From Latin "habendum
et tenendum", meaning "to have and to hold".
HABITABLE:
A description of a dwelling or property that is
appropriate for human occupancy.
HALF-SECTION:
320 acres of land, 72 half-sections make up a
township.
HAMLET:
1. A tragic prince of Denmark
2. A small community, smaller than a village.
HANDYMAN'S
SPECIAL:
A descriptive term for a property which requires
significant work to bring it up to normal standards of
condition and repair. Often marketed at a lesser price.
HARBOR LINE:
A boundary set by local authorities marking the
extent of the area allowed for development along the
sides of a navigable river or other body of water.
HARD SELL:
A description of a style of salespersonship in which
the potential purchaser is placed under extreme pressure
and bombarded with information and sales pitches. We
have condos for sale in Meridian.
HAZARD
INSURANCE:
A type of insurance designed to cover damage caused
by a peril specified in the policy of insurance (i.e.
fire, flood, etc.).
HEAVY HITTER:
Slang term for any person with substantial
resources.
HEIGHT ZONING:
The establishment of local by-laws or ordinances
which restrict the height of buildings in a certain
area. May be used in areas near airports (for safety
reasons) or natural attractions (to maintain the view)
or simply to allow the flow of air or sunlight.
HEIR:
A person who is entitled by law to the property,
rights, privileges or position of another person if that
other person dies without a will (intestate).
HEREDITAMENT:
A descriptive term for any property that one is able
to inherit.
HIATUS:
A break or gap. In discussions of land, an area of
land that lies between two parcels of land but appears
from legal descriptions and public records not to be a
part of either.
HIDDEN
AMENITIES:
Qualities of a property which may not be immediately
noticeable but add to the value of the property, such as
high quality materials used in construction.
HIGH RATIO
MORTGAGE:
A mortgage in which the amount of money borrowed is
equal to or greater than 75% of the purchase
price/appraised value of the property against which it
is secured. Will require some sort of insurance, usually
provided by a government agency.
HIGH RISE:
A descriptive term for any building that has enough
floors to make an elevator a necessity.
HIGH WATER LINE
OR MARK:
The highest point on the shoreline to which water in
a lake, river, stream or other body of water will rise
under normal weather conditions.
HIGHEST AND
BEST USE STUDY:
An analysis of a property which is aimed at
discovering the most profitable way to develop the
property. We have condos in Meridian for sale,
call us today.
HIGHWAY:
In common parlance, a road which offers higher speed
limits than a normal urban street. In legal parlance,
any road which is available to use by the public.
HISTORIC
DISTRICT:
A classification (whether under zoning, heritage or
other authority) of a specific area of a community in
which the buildings and improvements have a historical
value or significance which may not be reflected in
their market value. Designation as such a district may
also involve strict rules regarding the way the
buildings and properties are dealt with.
HISTORICAL
COST:
A term describing the original cost of a project,
stated in dollars of the time in which the project was
completed, with no adjustment for inflation.
HISTORICAL
SCENARIO:
An attempt to predict the interest rate fluctuations
of a Variable or Adjustable Rate Mortgage on the basis
of the behavior of interest rates in a previous period.
HOLD HARMLESS
CLAUSE:
Also known as "save harmless clause". A clause in a
contract in which one party releases another party for
legal liability for a stated risk.
HOLDBACK:
A percentage of a contract price which is retained
by a contractor or lender until the project is complete
and all bills for that project are paid. The percentage
may be set by custom or by statute.
HOLDER IN GOOD
FAITH:
A person who takes title to a property without being
notified of a defect on title or a competing claim.
HOLDING PERIOD:
The span of time in which a particular party holds
title to a property. May be expressed as the total time
(i.e. five years) or as a specific period (May, 1999 to
July, 2004). We have real estate in Meridian for
sale.
HOLDING OVER:
Also known as "over holding", the term used to
describe the action of a tenant who retains possession
of a premises after the lease has expired.
HOLOGRAPHIC
WILL:
A testamentary document which is written entirely in
the hand of the testator (the person making the will).
Is a valid will in many jurisdictions despite the fact
that it may not be properly witnessed, so long as it
shows an intention on the part of the writer that the
document be her will, it deals with the person's assets
and there are no concerns with regard to fraud, coercion
or lack of capacity. Originally recognized to aid
soldiers in the field who, in the face of death, wished
to settle their estate.
HOME EQUITY
CONVERSION MORTGAGE (HECM):
Also known as a "reverse mortgage", a loan designed
specifically for people without income but with a great
deal of equity in their home (i.e. retired people). The
loan may require periodic payments or may simply
accumulate interest on the original principal until the
property is sold (by the borrower or after the death of
the borrower).
HOME EQUITY
LINE OF CREDIT:
A special kind of loan (also known as a "revolving
loan") which is secured against a property and allows
the owner to borrow and repay money at her leisure.
Periodic payments of at least accumulated interest are
required but the loan is fully open: may be paid out in
whole or in part at any time and, if there is still
money available under the loan ceiling, the borrower may
take more money for her use. We have condos for
sale in Meridian, call us.
HOME
IMPROVEMENT LOAN:
A loan made for the purposes of making improvements
to a property.
HOME INSPECTION
(REPORT):
The written statement of the results of the
inspection of a given property by a professional home
inspector. Will show problems and potential problems
with the property not always visible to an average
purchaser (i.e. a deteriorating roof, an ancient
furnace, termites, wood rot, basement seepage). Many
purchasers make their offer to purchase conditional upon
obtaining a satisfactory Home Inspection report.
HOME INSPECTOR:
A person who offers a service of making a physical
inspection of homes. Qualifications may vary.
HOME KEEPER SM:
A form of Home Equity Conversion Mortgage offered by
Fannie Mae to older homeowners to allow them to use the
equity in their home to provide either a lump sum or
periodic payments to themselves.
HOME OWNER
ASSOCIATION:
A cooperative effort by property owners in a given
neighborhood aimed at improving quality of life,
providing a unified political voice or combating
identified ills.
HOME OWNER'S
INSURANCE:
Liability coverage for property owners covering both
loss/damage to property or dwelling and personal
liability.
HOME RULE:
Common name for the state's transferring of power to
the local governments to pass regulations regarding land
use.
HOMEOWNER'S
(HOMESTEAD) TAX EXEMPTION:
A tax break for home owners offered in certain
jurisdictions which sees property tax assessments
reduced by a certain percentage as a result of the fact
that the taxpayer resides in the property. May require
evidence of the status of ownership to be filed
periodically with taxing authority. Call us for
condos for sale in Meridian.
HOMEOWNERS'
ASSOCIATION:
The non-profit organization that oversees the common
elements in a planned unit development (PUD) or
condominium project.
HOMEOWNER'S
ONCE-IN-A-LIFETIME TAX EXCLUSION:
A capital gain exemption of the first $125,000.00 in
gains earned from the sale of a principal residence by a
qualified taxpayer.
HOMEOWNER'S
WARRANTY (HOW) PROGRAM:
A warranty program offered by a division of the
National Association of Home Builders through certain
builders. The program sets standards for construction
and requires warranties ranging from one to ten years in
duration on everything from minor defects in workmanship
to major structural problems.
HOMESTEAD DEED:
A method of protecting some assets from creditors by
registering a declaration on title to the owner's
homestead property.
HOME STYLE
MORTGAGE LOAN:
A mortgage specifically designed to allow owners to
improve their existing homes.
HOUSE-POOR:
A description of the state of having very little
disposable income after paying the financing and
carrying costs of one's home.
HOUSING
AFFORDABILITY INDEX:
National Association of Realtors analysis, issued on
a monthly basis, of the ability of the average family to
afford the average home with only 20% down.
HOUSING AND
URBAN DEVELOPMENT (HUD):
Federal Agency charged with the duty of overseeing a
number of enactments relating to housing in America.
HOUSING
ASSISTANCE COUNCIL (HAC):
Funded by HUD, an agency designed to support
low-income housing development in rural areas.
HOUSING CODE:
Municipal rules setting minimum standards for
dwellings.
HOUSING EXPENSE
RATIO:
A comparison of a family's monthly gross income with
the carrying costs of their home.
HOUSING FINANCE
AGENCY:
State body whose function is to provide loans to
citizens who cannot obtain home ownership loans through
normal channels.
HOUSING STARTS:
An economic indicator, the number of dwelling units
(including apartments) on which construction is begun in
a given period of time.
HUD:
See "Housing and Urban Development".
HUD I SETTLEMENT STATEMENT:
The form in which the costs of purchasing a home are
itemized.
HUD MEDIAN
INCOME:
Used in determining eligibility for various HUD
programs, the average income for a family in a specific
area.
HUD-1
STATEMENT:
See "HUD I Settlement Statement".
HUNDRED PERCENT
LOCATION:
The benchmark for comparisons, the property location
which provides the best rental income per square foot
for a particular type of building.
HYBRID
MORTGAGE:
A form of mortgage in which the compensation to the
lender may include receiving income directly from the
use of the property. We have condos for sale in
Meridian.
HYPOTHECATE:
To pledge as security for a mortgage an asset of
which the pledgor retains possession (i.e. the dwelling
upon which a mortgage is registered).
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