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Term Definition
Habendum Clause

"To have and to hold." The clause in a deed that defines the quantity of the estate granted.


Hard Money Loan

A loan underwritten with the value and condition of the property as the most important criteria for approval. Other issues may include the borrower’s credit, the ability of the borrower to repay the loan, and/or the ability of the borrower to either manage the property or successfully sell the property, making any necessary repairs. In a hard money loan, issues such as owner occupancy, debt ratios, etc are usually not considered. Appraisals rather than purchase prices are used to determine value.

Hard money loans often offer cash out purchases as a key benefit. These loans are usually approved within just a few days and funded very quickly as well—usually in less than two weeks. Disadvantages of this loan type include a relatively high interest rate (13-16%) and high points (usually 5 to 10). (See definition of "underwriting" below.)


Hazard Insurance

A requirement of loans in nearly all cases, hazard insurance provides compensation in the event of damage to or destruction of improvements.


Hereditaments
Property, personal and real, capable of being inherited.

Hiatus
A gap between two land parcels that the legal description does not include.

Highest and Best Use

the use of a parcel of land that is most likely to produce the greatest net return to the land or building over a given time period.


Holdover Tenant
A tenant who remains in possession of the leased property after the expiration of the lease term.

Home Equity Loan
A loan placed on an owner-occupied property when the loan-to-value after the Home Equity Loan closes is no higher than 100%. That is, it is a loan secured by the available equity of an owner -occupied residential property. This applies to virtually all loans.

Homeowner Association (HOA)
An organization consisting of the homeowners in a planned unit development, a subdivision, or condominium. The organization enforces deed restrictions and manages common elements of the development.

Homeowner's Insurance
See Hazard Insurance.

Homeowners Warranty
A special insurance policy covering some specific home repairs for a limited amount of time.

Homestead
A status provided to a homeowner's primary residence by certain state statutes to protect the home against judgments up to amounts specified in the statutes.

Homestead Exemption
A reduction in some jurisdictions in the assessed value that is allowed for a homeowner’s personal residence.

Housing and Urban Development (HUD)
A federal government agency that implements certain federal housing and programs encouraging community development.

Housing Code
An ordinance created by local government that sets specific, minimum standards of safety and sanitation for existing residential buildings.

Hypothecate
The act of pledging something as security without being required to give up possession of it.

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