Hard Money
In the context of a real estate transaction, the term "hard money" refers to the liquid cash (including the cash proceeds from a loan) assets of the buyer, as opposed to credit extended to the buyer from by a seller (called "soft money"). |
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Hazard Insurance
Protecting against damages caused to property by specific natural hazards such as fire, wind and earthquakes, hazard insurance (which is sometimes but not always synonymous with the terms "homeowner's insurance" or "property insurance"), is often required by lenders (particularly in areas that are prone to natural disasters) before they are willing to assist you with either buying or refinancing a home. |
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Holdback
a loan agreement may specify a condition which stipulates that a certain portion of the loan commitment be withheld until a specified event occurs. For example, during the construction of a new home, a percentage of the contractor's draw may be held back in order to provide an additional level of protection to the lender (typically an amount roughly equal to the contractor's final profit). |
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Holdover Tenant
A tenant remaining on a rented property beyond the expiration of his/her lease term is called a "holdover tenant". When this happens with the landlord's permission, a holdover tenancy is typically treated as a periodic tenancy, with the landlord agreeing to temporarily accept periodic rent payment. |
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Home Equity Loan
Sometimes also called a "line of credit", a home equity loan allows an owner to use the paid down portion of the value of his/her residence as collateral for a loan. |
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Home Inspection Report
A qualified inspector's report on a property's overall condition, which typically includes descriptions, and possibly photographs, of any problems with the home (as well as an evaluation of both the structural and mechanical systems within the home), is often required as a condition of sale by the buyer (as well as his/her mortgage lender). |
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Home Owners Association (HOA)
Home owners within a community or development will sometimes form a collectivity, to which regular fees and/or dues must be paid by all residents in order to finance the operation and upkeep of common areas. |
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Home Warranty Plan
Protecting against failure of standard mechanical systems within the property (includes plumbing, electrical, heating systems and installed appliances), home warranty insurance is sometimes offered for a limited time period by the seller as an additional selling point. |
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Housing Code
A local government ordinance that sets minimum standards of safety and sanitation for existing residential dwellings is called that government's or municipality's "housing code". Unattended to housing code violations may cause a building to be condemned. |
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Housing Starts
An important indicator of the state of the economy (because they represent a general measurement of the overall wealth of the public at large), "Housing Starts" are the number of newly constructed housing units (including both single-family and multifamily domiciles) that have counted within some fixed time period. |
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HUD
The Department of Housing and Urban Development is a cabinet level division of the United States federal government. The Office of Housing/Federal Housing Administration within HUD provides insurance for home mortgage loans, and sets minimum standards for qualifying properties. |
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