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Real Estate Dictionary
Welcome > Resources > Real Estate Dictionary - A

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

H

Hazard insurance

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

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



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Real Estate Tips
Time to Move >When It Is Your Move

Contacting different moving companies is one of the first steps in moving to a new house. You will find a variety of service options and price ranges from which to choose, whether you are moving across town or thousands of miles across the country.

Call several companies for estimates. Ask each company exactly how their charges are calculated and what is included. How much insurance is included in the estimate? What is the cost for additional coverage? Are there special provisions for fragile or unusually valuable items? Is the delivery date guaranteed? If economizing is important, ask if there are ways to cut down on the bill by providing your own boxes and packing yourself. Household movers are competitive, and comparison shopping can help you get the best value for your moving dollars.

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Real Estate Trivia
Q 
Which nation, fueled by an oil and manufacturing boom, claims the world's longest building?

A 
The "Linear City" of Malasia is currently the longest.
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The Leigh Hill Team, REALTOR®, real estate agent and broker for Chester, Long Valley and Mendham, New Jersey home listings, property and land for sale - NUMBER1EXPERT

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 and Maria's clients. Leigh and Maria are 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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