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Real Estate Glossary of Terms
Looking for the definition of a real estate
term? Click on a letter of the alphabet below to go to that letter's
corresponding page of terms.
A
B
C
D
E
F
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H
I
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M
N
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Q
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U
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W
X
Y
Z
HABENDUM CLAUSE - That part of the
deed beginning with the words "to have and to hold," following the granting
clause and reaffirming the extent of ownership that the grantor is
transferring.
HABITABLE - Being fit to live in.
The residential landlord has an obligation to keep the leased premises in a
habitable condition.
HEIR
- A person who inherits under a will or a person who succeeds to property by
the laws of descent if the decedent dies without a will (intestate).
HIGHEST AND BEST USE - That use which, at the time of appraising the property, is most
likely to produce the greatest net return to the land and/or the building
over a given period of time.
HIGH-RISE - A popular expression
for a condominium or apartment building generally higher than six stories.
HOLD
HARMLESS CLAUSE - A clause inserted in a contract whereby one party agrees to indemnify
and protect the other party from any injuries or lawsuits arising out of the
particular transaction.
HOLDOVER TENANT - One who stays on
the leased premises after his lease has expired. The landlord normally has
the choice of evicting the holdover tenant or permitting him to remain and
continue to pay rent.
HOMEOWNER'S ASSOCIATION - A
non-profit association of homeowners organized pursuant to a declaration of
restrictions or protective covenants for a subdivision, a PUD, or a
condominium.
HOMESTEAD - A home which is used
as a personal residence.
HOTEL
- A building or group of attached or detached buildings containing dwelling
or lodging units in which 50 percent or more of the units are lodging units,
usually distinguished by a front desk, dining and other common facilities.
HOUSE
RULES - Rules of conduct adopted
by a board of directors of a condominium and designed to promote harmonious
living among the owners and occupants.
HUD
- A federal cabinet department officially known as the Department of Housing
and Urban Development.
HYPOTHECATE - To pledge specific
real or personal property as security for an obligation, without
surrendering possession of it.
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