FIND THE DEFINITION FOR ANY REAL ESTATE TERM

Click on the letters above for terms beginning with that letter, and then click on the term below.

Don’t see a term here?  Feel free to ask us.  (Unfortunately, however, we cannot give you real estate or legal advice.)

HEIR (pronounced like “air”) – A party who may be entitled to receive some or all of the assets of a deceased individual.

HOMEOWNERS’ ASSOCIATION (HOA) – An association of property owners in a particular neighborhood or development, often mandatory, created to enhance and benefit the community.  Mandatory associations are normally created by the developer when the neighborhood is being built, and normally require payment of monthly dues or fees, and adherence to rules and regulations within the community.  Most often set up as a non-profit corporation.

HOMEOWNER’S INSURANCE – An insurance policy to cover the repair or replacement of a building or other improvement on a property when it is damaged or destroyed.  Lenders will normally require enough insurance to cover at least the balance of the loan on the property.

HOME WARRANTY – A policy to cover repairs on certain or all defects in a house, or to cover repairs when appliances or other systems break, during a set period of time.

HUD – The Department of Housing and Urban Development.  A cabinet level branch of the U.S. government.

HUD-1 – The standardized form used as a settlement statement at the closing of the purchase of a property.

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