Hazard Insurance (Fire, Homeowner's Insurance):
Insurance on a property that protects against various
hazards like fire, theft, liability, etc.
Homeowners Association: Association made
up of homeowners in a particular subdivision, condominium,
or planned unit development (PUD) which is organized
to manage the common areas of the development and
to enforce the various rules set forth by the association.
Homestead: Status granted to a primary
residence in some states that protects the property
against judgments up to a specified amount.
Homestead Exemption: Available in some states
- this causes the assessed value of a principal residence
to be reduced by the amount of the exemption for the
purposes of calculating property tax.
Home Warranty Plan: Insurance that
covers appliances, heating/cooling systems, and other
fixtures. Typically purchased at closing.
Housing and Urban Development (HUD): Dept
of A U.S. Government agency that is responsible for
certain housing and development programs.
Housing Code: A local ordinance that
sets minimum standards for construction, safety and
sanitation for residential buildings.
HUD 1: A closing document required by HUD
that outlines the settlement costs of a loan. This
is prepared by the closing agent and given to the
buyer upon closing.
Hypothecate: To pledge a property as a security
without giving up possession of it.
