If you are a consumer (a home buyer or a home seller, or just a real estate watcher) you may not be familiar with all of the terms involved in real estate transactions. Realtors® know the terminology, but wouldn't it be great to have that information as a consumer? A "Real Estate Terminology Dictionary" of sorts.
Look no further, here is the next installment of the Real Estate Glossary!
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.
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.