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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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Twenty-three years ago Murray Gould came to real estate from a background in university teaching. Murray listens carefully, explains clearly, and protects his clients. Because his business depends on client satisfaction and subsequent referrals, he does everything in his power to exceed expectations, serving his clients well beyond just the one transaction. Murray's goal is to become his clients' personal Real Estate Consultant for Life.
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