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Real Estate Terms / Real Estate Dictionary

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Half bath
A room in a home that contains a toilet and sink but no bathtub or shower.

Handyman's special
A property which requires significant repairs to bring it up to normal standards. Can often be purchased at a lesser price.

Hazard Insurance
Insurance coverage that compensates for physical damage to a property from fire, wind, storms, vandalism, or other hazards.

Hip Roof
A type of roof containing sloping planes of the same pitch on each of four sides. The line where two adjacent sloping sides intersect is called the "hip".

Home Equity Line of Credit
A mortgage loan that allows a homeowner to borrow against the equity in an owned home as needed.

Home Inspection
An inspection of a prospective home done by a professional, soon after an offer is made, to establish the structural and mechanical integrity of the house. A satisfactory home inspection is often included as a contingency by the purchaser. Contrast with appraisal.

Homeowners Association
An organization of homeowners residing within a particular development whose major purpose is to maintain and provide community facilities and services for the common enjoyment of the residents. In a condominium project, it has no ownership interest in the common elements. In a PUD project, it holds title to the common elements.

Homeowner's Insurance
An insurance policy that combines personal liability insurance and hazard insurance coverage for a dwelling and its contents.

Homeowner's Warranty
1. A type of insurance that covers repairs for a specific period of time such as heating or air conditioning. The buyer may requests the seller to pay for this coverage as a condition of the sale, but either party can pay.
2. A guarantee as to the quality of construction offered by a building contractor or a developer.
It is provided by the builder as a condition of the sale. Also called Builders Warranty

1. A dwelling with its land and buildings occupied by a family.
2. A statutory protection granted to owners which protects them from losing their title or forced sale to meet general debts.

Housing and Urban Development (HUD)
A department of the federal government created in 1965 which is responsible for the implementation and administration of the U.S. government housing and urban development programs.

Housing Expense Ratio

The percentage of gross monthly income (income before tax) that goes toward paying housing expenses. The rule of thumb is that it shouldn't exceed 28. Also known as the front ratio.

See Housing and Urban Development.

Heat, Ventilation, and Air-Conditioning. Refers to the climate system in a building.

Heated Wood Floors

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