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Insurance protection for specified losses due to
natural causes, such as fire, floods, earthquake, tornadoes, and other "acts of
God"
Heir
An individual who will potentially inherit an
interest in land from someone who dies
Hiatus
A gap or space between two parcels of lands that
is not included in the legal description of either parcel
Home equity line of credit, or Home equity
loan
A mortgage loan (usually not the primary
mortgage) or line of credit which gives the property owner the option to obtain
cash advances from the loan proceeds, using his or her residence as collateral,
but which is not to exceed a pre-arranged amount of the owner's total equity in
the property
Homeowners' association
A nonprofit association of individual owners of
units in a multi-unit structure (either a planned unit development, or a
condominium) that manages the common areas of that structure. In a planned unit
development (PUD) project, the association holds title to the common elements,
whereas in a condominium project, it holds no title to the common
elements
Homeowner's insurance
An insurance policy available to residential
real estate owners that protects homeowners against financial loss from fire,
theft, public liability, and other risks
Homestead
Real estate that is owned and utilized as the
primary family residence, protected in some states as exempt from the claims of
creditors
Homestead deed
A document filed in the land records asserting a
homestead exemption, protecting a variable amount of his assets (depending on
which state) against the claims of creditors
Housing ratio, or Debt-to-income
ratio
The percentage that results from dividing a
borrower's housing expenses by his/her gross monthly income, used by the lender
to evaluate an applicant's qualification for a loan
HUD-1 statement
The document used in closing a real estate
transaction (also known as a "closing statement" or a "settlement sheet") which
itemizes the funds that are payable at closing, including broker commissions,
loan costs, and escrow amounts, and which provides a summary of the seller's
net proceeds and the buyer's net payment at closing. It is required by the US
Department of Housing and Urban Development (HUD) whenever federally-related
mortgages are being made on residential properties
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First Time Buyers >Inspection Contingencies
Many of today's purchase offers include a contingency clause that allows the buyers to hire a home inspector or professional expert to inspect the property. If there is a significant defect in the property, the buyer can cancel the contract without losing the earnest money deposit. Contingencies are excellent procedures that protects both the buyer and the seller.
The time period for inspection contingencies is negotiable. In most parts of the country, the buyers have about a week in which to cancel the contract if the structural inspection reveals a serious and consequential defect. The positive side to such contingencies is that the inspection usually addresses--and overcomes--the buyers' misgivings, and confirms their decision to move ahead with the purchase.
Leigh Hill Weichert Realtors 142 Main Street Chester New Jersey 07930 Leigh Hill's Cell : 908-256-2364 E-Fax : 1-888-859-0247 E-Mail: leighHill@aol.com
The Leigh Hill Team is dedicated to providing the best possible professional service in the real estate industry for the past 30 years. Leigh, A NJ MILLION DOLLAR GOLD CLUB Award winner for 7 years, Leigh Hill's priorities include a high degree of quality-executed sales for her clients. Leigh is responsible for some of the most prestigious residential developments,and single family homes in Morris and Somerset County. Their knowledge, honesty and commitment to results are the foremost reasons for their continued success. Contact "The Leigh Hill Team" for all of your real estate needs in Northwest New Jersey.
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Chester, Long Valley and Mendham, New Jersey
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