"H" Vocab Flashcards
Highest and Best Use
the legally permitted use of a parcel of land that will yield the greatest return to the owner in terms of money or amenities
Holdover Tenancy
a tenancy where a lessee retains possession of the property after the lease has expired, and the landlord, by continuing to accept rent, agrees to the tenant’s continued occupancy
Holographic Will
a will that is entirely handwritted, dated, and signed by the testator
Home Equity Conversion Mortgage
aka reverse–annuity mortgage”; instead of making payments to a lender, the lender makes payments to you. It enables older homeowners to convert the equity they have in thier homes into cash, usually in the form of monthly payments”
Home Equity Line of Credit
a mortgage loan that allows the borrower to obtain cash drawn against the equity of his or her homes, up to a predetermined amount
Home Inspection
a thorough inspection by a professional that evaluates the structural and mechanical condition of a property. A satisfactory home inspection is often included as a contingency by the purchaser
Homeowners Insurance
an insurance policy specifically designed to protect residential property owners against financial loss from common risks such as fire, theft, and liability
Homeowners Warranty
an insurance policy that protects purchasers of newly constructed or pre–owned homes against certain structural and mechanical defects
Homestead
the parcel of land and improvements legally qualifying as the owner’s principal residence
HUD
Department of housing and urban development, a federal agency that enforces federal fair housing laws and oversees agencies such as FHA and GinnieMae
Hypothecate
provides borrowers a way to use thier real or personal property as collateral for loans, without giving up possession of the property
