Real Estate Dictionary

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A B CI CII D E F G H I J K L M N O P Q R S T U V W X Y Z

HABENDUM

The clause in a deed, following the granting clause, which defines the extent of the estate of the grantee.

HABITABLE ROOM

A room used for living area, such as a kitchen, bedroom, dining room, etc., as opposed to bathrooms, closets, hallways, and similar spaces. Generally, habitable rooms are the only ones counted in the number of rooms in a house; bathrooms are counted separately.

HABITANCY

A legal term meaning the place which a person inhabits (lives). The layman's meaning of a place where someone "lives" is probably the closest definition.

HACIENDA

An estate, farm, or, commonly, even a house. Originally, the royal estate.

HACK STAND

An area where taxicabs may park to solicit fares.

HALFBACK

Slang: a Yankee that moves from NY to Florida, then moves halfway back, settling in the NC mountains. Often used derisively when complaining about inflated prices.

HALF SECTION

One half of a section of land, divided either North and South, or East and West. (See also: Section).

HALF-TIMBERED

Residential construction exposing the timber frame of the interior walls, the space between being lath and plaster. In simulated half-timbering, the attaching of boards (or a plastic which is treated to resemble a timber surface) to the surface of an interior wall. In simulated half-timbering, the boards are strictly decorative, and not load-bearing.

HALL

Originally, a large building used as a meeting place, such as a town hall. The term has also become synonymous with "hallway", the latter being a relatively narrow passageway between rooms.

HAMLET

A small village or town. Or a small ham. Also, the introspective Danish Prince of tragic fame.

HAND

A lineal measure equal to four inches, the approximate width of a man's hand. Most commonly used to measure the height of a horse.

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

A natural or man made sheltered area for ships to anchor. May or may not have docks and other port facilities.

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 COSTS

Construction costs not including overhead. See: Direct Costs.

HARD FINISH

A smooth outer coat of varnish, plaster, or similar finish material.

HARD MONEY MORTGAGE

A mortgage given in return for cash, rather than to secure a portion of the purchase price, as with a purchase money mortgage.

HARDPAN

A compacted layer of soil, usually containing clay, through which it is difficult to drain or dig.

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.

HARDWARE

In construction, the metal accessories, such as doorknobs, hinges, locks, etc.

HARDWOOD

Wood used for interior finish, such as oak, maple, and walnut. Although the term originally referred to the type of tree and not the hardness of the wood, modern usage usually refers to the hardness of the wood.

HARMONIOUS

Blending compatibly, as parts of buildings, buildings in a neighborhood or subdivision, etc.

HATCHWAY

Usually describes a door in the deck of a boat. A door in the ceiling or floor of a building, giving access to the attic or cellar.

HAZARD INSURANCE

Real estate insurance protecting against loss caused by fire, some natural causes, vandalism, etc., depending upon the terms of the policy.

H-BEAM

A beam, the cross-section of which is the shape of a capital H. Lower case h-beams aren't nearly as popular.

HEAD

(1) The upper framing member of a door or window. Also called a header. (2) The beginning of a river or stream.

HEADER (LINTEL)

A horizontal beam over a wall opening, such as a doorway, fireplace, etc. The header is attached to vertical framing members, and spreads the weight from above to these members.

HEAD OF A FAMILY (HEAD OF HOUSEHOLD)

A term used in homestead exemptions to designate the person in charge of managing and supporting a family. It need not be a parent.

HEARTH

(1) The fireside. (2) The fireplace floor, of stone, brick, tile, etc.

HEARTWOOD

A dead portion of a tree, no longer producing sap. The wood from the center of the tree (pith) to the wood which produces sap (sapwood).

HEATER

Connotes a device working by itself to heat a small area (space heater), rather than a heating system, composed of a central source of heat (furnace) and pipes and ducts which heat several spaces.

HEATING SYSTEM

A general term encompassing any system designed to heat a structure in its entirety, as opposed to a space heater.

HEAT PUMP

A pump used in either heating or cooling.

HEAVY HITTER

Slang term for any person with substantial spiritual or material resources.

HEAVY INDUSTRY

Any industry designated "heavy industry" under a zoning ordinance. Usually connected with some type of pollution, such as air, water, or noise pollution.

HEAVY STEEL FRAME

A building having heavy steel beams, girders, or other framing members, which carry heavy floor loads.

HECTARE

A French unit of measurement, equaling 10,000 square meters (2.471 acres).

HEEL

That part of a vertical framing member which rests closest to the floor.

HEIGHT DENSITY

A zoning term referring to the regulation of maximum building heights for structures in given areas.

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. In Europe, for much of its history, no building was permitted to stand taller than the local church or cathedral. Today, our tallest structures are built for businesses.

HEIR

One who by law, rather than by will, receives the estate of a deceased person.

HEIRS AND ASSIGNS

Words usually found in a deed, showing the interest the grantee is receiving. A deed to "A, his heirs and assigns", would grant the property to A, with the right to assign said property or have it descend to A's heirs upon A's death. This would be considered a fee interest (estate). This would differ from, for example, a life estate granted to A, which would terminate upon A's death and could not be inherited by A's heirs.

HEREDITAMENTS

(1) Anything which could be considered real property. (2) Anything which may be inherited.

HETEROGENEOUS

An appraisal term describing an area composed of buildings of varied styles or uses. Not as desirable as homogeneous property.

HIATUS

(See: Gore).

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.

HIGHEST AND BEST USE

The use of land which will result in its highest value. In appraisal this cannot be merely theoretical but must be realistic in that the use must be legal (proper zoning, etc.), physically achievable and financially feasible.

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 APARTMENT BUILDING

An apartment building considered "high" in the area where it is built. There is no national height standard.

HIGH WATER LINE

The line on the shore to which high tide rises under normal weather conditions.

HIGHWAY

Technically, any public road, regardless of size. Most commonly, a paved road which carries traffic at high speeds.

HIGHWAY CAPACITY

The number of vehicles which may move along a highway at the same time. The number may vary as the type (size) of the vehicles vary, speed limit changes, access changes, etc.

HIGHWAY FRONTAGE

Technically, land which fronts on a highway. For purposes of determining value, land which fronts on and has access to a highway.

HIP

The convex angle at the exterior meeting of the sides of a hip roof.

HIP RAFTER

The rafter which forms the intersection of a convex roof angle.

HIP ROOF

A roof with four sloping sides which rise to a ridge. Usually found on garages or church steeples. Also called a pyramid roof.

HISTORICAL COST

The cost of a building when first constructed, as opposed to the original cost (cost to the present owner), although they may be the same.

HISTORICAL SCENARIO

An attempt to predict the interest rate fluctuations of a Variable or Adjustable Rate Mortgage on the basis of the behaviour of interest rates in a previous period.

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.

HOGWALLOWS

Small depressions formed by heavy rains, resembling the depressions left after the wallowing of hogs.

HOLDBACK

Portion of a loan held back by the lender until a contingency is met. In the sale of a home insured by V.A. or F.H.A., funds may be held back to make necessary improvements to bring the property to V.A. or F.H.A. standards. The money to make "these" repairs may not be available until closing. One and one half to double the estimated amount necessary is held back. If repairs are not made in the time allowed, these funds are used to make the repairs. In construction financing, funds are held back until, for example, a certain percentage of a subivision has been sold, or a certain prtion of a building has been completed.

HOLDER

One who rightfully acquires a negotiable instrument, such as a check or note. A holder has the same rights as an assignee, which are less than the rights of a holder in due course. See also: Holder In Due Course.

HOLDER IN DUE COURSE

A holder of a check or note who takes, for value and in good faith, the note before it is overdue or the check without knowledge that it has bounced, if, in fact, it has.

HOLDER IN GOOD FAITH

A person who takes title to a property without being notified of a defect on title or a competing claim.

HOLD HARMLESS AGREEMENT

(See: Indemnity Agreement).

HOLDING ESCROW

An open escrow for the life of a land contract, under which the escrow holder may be empowered to collect the payments due under the contract and pay underlying encumbrances, and record a deed and purchase money mortgage, which are executed at the time of the inception of the land contract and held in the escrow, in the event of default by the vendee. A cumbersome and costly method not used in all states, and in states where used, rapidly being replaced by the security (installment) land contract.

HOLDING PERIOD

The time period used by the IRS to determine a long or short term capital gain. The period during which the taxpayer owns the capital asset.

HOLD OVER TENANT

A tenant who retains possession after the expiration of a lease.

HOLLOW-NEWEL STAIR

A circular stairway having a hollow center. Usually the curve of the circle is severe.

HOLLOW WALL

(See: Cavity Wall).

HOLOGRAPH OR HOLOGRAPHIC WILL

A will written and executed entirely in the handwriting of the testator.

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.

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 OWNERS' ASSOCIATION

(1) An association of people who own homes in a given area, formed for the purpose of improving or maintaining the quality of the area. (2) An association formed by the builder of condominiums or planned developments, and required by statute in some states. The builder's participation as well as the duties of the association are controlled by statute.

HOME OWNERSHIP

Ownership as opposed to a rental status. (See also: Ownership).

HOMEOWNER'S INSURANCE

Includes the coverage of Hazard Insurance plus added coverage such as personal liability, theft away from the home (items stolen from the insured's car), and other such coverage.

HOME RULE

Common name for the state's transferring of power to the local governments to pass regulations regarding land use.

HOMESTEAD

The dwelling (house and contiguous land) of the head of a family. Some states grant statutory exemptions, protecting homestead property (usually to a set maximum amount) against the rights of creditors. Property tax exemptions (for all or part of the tax) are also available in some states. Statutory requirements to establish a homstead may include a formal declaration to be recorded.

HOMESTEAD DEED

A method of protecting some assets from creditors by registering a declaration on title to the owner's homestead property.

HOMESTEAD EXEMPTION

(See: Homestead).

HOME WARRANTY INSURANCE

Private insurance insuring a buyer against defects (usually in plumbing, heating, and electrical) in the home he has purchased. The period of insurance varies and both new and used homes may be insured.

HOMOGENEOUS

Similar or the same. In appraisal, an area having similar style properties or properties of similar use is considered more valuable than a heterogeneous area.

HOOD

A projecting canopy, as over a door or window. Any covering serving the protective purpose of a clothing hood.

HOPPER

A device used on the sides of hospital windows to prevent drafts.

HOPPER WINDOW

(See: Hospital Window).

HORIZON

(1) The line where the sky and ground appear to meet, when viewed from a distance. (2) A layer of soil. (See specific horizons, A, B, C, & D).

HORIZONTAL

Parallel to the horizon. From side to side, rather than up or down.

HOSPITAL

An institution where care, nursing, and surgery are performed for the sick and injured. May be government, or privately owned.

HOSPITAL WINDOW

A window that opens inwardly from bottom hinges and has hoppers (draft preventers) on its sides.

HOT AIR HEATING SYSTEM

(See: Warm Air Heating System).

HOTEL

Originally, any place for travelers to spend the night. Any hotel built today would be a multi-storied structure having sleeping rooms with private bathrooms, suites, telephones in each rentable room, at least one restaurant, and many other amenities.

HOT WATER HEATER

A tank, usually glass lined, in which water is heated for household, commercial, or industrial use.

HOT WATER HEATING SYSTEM

A heating system using circulating hot water from a boiler through a series of pipes to the areas to be heated, and back to the boiler.

HOUR-INCH

A flow of one miner's inch for one hour. The value of a miner's inch is not standard, being 1 /40th of a cubic foot per second in some areas, and 1 /50th of a cubic foot per second in others.

HOUSE

Any building used as a residence. When in the phrase "the house of", it is usually used to describe a commercial business (from the French "chez").

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 HOME FINANCE AGENCY

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

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".

HUMIDIFIER

A unit, usually part of a heating system, which raises the relative humidity in a room or building by the emission of water vapor into the air.

HUMMOCKS

Low mounds or conical knolls rising above the ground.

HUMUS

The organic portion of soil, formed by partially decomposed animal and vegetable matter.

HUNDRED PERCENT LOCATION

An appraisal term referring either to land of the highest value in an area, or land best suited to a specific use.

HUSBAND

A man legally married to a living woman.

HUTCH

(1) A but or hovel used as a shelter by a person. (2) A house for rabbits (3) Furniture designed to display china.

HYBRID MORTGAGE

A form of mortgage in which the compensation to the lender may include receiving income directly from the use of the property.

HYDRAULIC CEMENT

A cement which resists moisture.

HYDROELECTRIC PLANT

A plant which generates electricity from flowing water, usually at a waterfall.

HYDROGRAPH

A device which records or charts the depth of water, as in a well, or flow, as in a stream.

HYPOTHECATE

To mortgage or pledge without delivery of the security to the lender.

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