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Welcome > Resources > Real Estate Dictionary - A
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Hazard insurance |
Insurance protection for specified losses due to
natural causes, such as fire, floods, earthquake, tornadoes, and other "acts of
God" |
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Heir |
An individual who will potentially inherit an
interest in land from someone who dies |
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Hiatus |
A gap or space between two parcels of lands that
is not included in the legal description of either parcel |
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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 |
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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 |
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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 |
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Homestead |
Real estate that is owned and utilized as the
primary family residence, protected in some states as exempt from the claims of
creditors |
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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 |
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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 |
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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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Did We Miss the Word YOU Are Looking For? Is there a real estate word that we failed to explain here in our dictionary for homebuyers and sellers? Let us be your personal real estate dictionary! We'll send a brief explanation of any word or term that you encounter when buying and selling property. Do you have a suggestion of a real estate word that should be included? Let us know! We always appreciate feedback. Do any of these definitions raise questions for you? Didn't find the word you're looking for? Let us know! We're happy to answer ANY questions. It's our job! There's no obligation, and we promise to get back to you quickly...
Making An Offer >Creative Offers
Putting together an offer on a home is easy if the buyer has a lot of money, a terrific job and impeccable credit. Many buyers are not in that precise situation, however. And while sellers like to get their asking price, good listing agents prepare them for the possibility of receiving offers that involve some compromises.
Successful real estate agents know how to put together creative offers and do whatever it takes to make a transaction work. If a buyer is low on cash, the agent may structure an offer that shifts closing costs to the seller, minimizing the amount of cash that the buyer needs to close. A variation of a lease purchase arrangement might be effective if a buyer has recently changed jobs or is self-employed. Owner-financing for part of the loan can make a difference in some cases. If your agent brings you a complex offer designed to get a buyer into your home, don't say "no" until you understand the offer.
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| Q |
What does the abbreviation PITI stand for?
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| A |
Principal, Interest, Taxes and Insurance are the four major items included in a monthly mortgage payment. |
 See More Real Estate Trivia > |
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