Arizona Mortgage Loan Term H

ARIZONA MORTGAGE LOAN DICTIONARY H

Habendum Clause - A clause in a deed that indicates the extent of ownership being transferred. Begins with "To Have and To Hold".

Habitability - Reasonably fit for human habitation.

Hazard Insurance - A broad form of casualty insurance coverage for real estate that includes protection against loss from fire, certain natural causes, vandalism and malicious mischief.

Header - A beam over a window or a door. Head Lease - A master lease under which the lessee subleases portions of the premises.

Head of Household - One who is responsible for dependents; not necessarily a married person. Hereditaments - Any item capable of being inherited.

HERS - See Home Energy Rating System

Highest and Best Use - The available present use or series of future uses that will produce the highest present real property value and develop a real estate parcel to its fullest economic potential.

Hip Roof - A roof where all four sides slope to a ridge line. Historical Age - See Actual Age. Historical Cost - Actual cost of a building at the time it was constructed.

Historical Rent - Contract rent paid in past years.

HOA - See Home Owner Association. Holdback - See Escrow Holdback.

Holder in Due Course - A person who, in the course of commerce, takes a negotiable instrument good on its face for value prior to due date, without notice of any defense of the maker.

Holding - Possession of property two which one has legal title

Hold-Harmless Clause - One party agrees to indemnify the other for any loss suffered because of the contract or lease.

Holdover Clause - A lease condition that provides for a very high rent should the tenant fail to vacate at the end of a lease, discouraging a holdover situation.

Holdover Tenant - Tenant retaining possession after the expiration of a lease.

Holographic Will - A handwritten, signed and dated will; no witnesses are needed.

Home Energy Rating System (HERS) - is similar to a miles-per-gallon (mpg) rating on a car. HERS are programs which provide evaluations of an individual home's energy-efficiency. A HERS report is prepared by a trained certified Energy Rater. Factors such as insulation, appliance efficiencies, window types, local climate, and utility rates are used to rate the home and calculate energy costs.

Home Inspection - See Inspection

Home Owner Association - A group of home owners in a particular subdivision or area who band together to take care of common property and common interests.

Homeowner’s Package - A broad form of insurance coverage for real estate that combines hazard insurance with personal protection and other items.

Homeowner’s Policy - See Homeowner's Package.

HomePath - The program name for the special home mortgage financing program set up to help liquidaate Fannie Mae foreclosures.

Homestead Exemption - A state statutory exemption that protects homestead property, usually to a set amount, against the attachment rights of creditors. Property tax exemptions for all or part of the tax are also available in some states.

HomeSteps - the program name for the special home mortgage financing program set up to help liquidate Freddie Mac foreclosures.

Home Warranty - A service contract that covers most major systems and appliances in a home for a specified period of time. The home owner is responsible for a per call service fee.

Hostile Possession - Possession of real property without permission of the owner coupled with a claim, express or implied, of ownership.

HUD - See Department of Housing and Urban Development.

HUD 1 - See Settlement Statement. HUD Information Booklet - Describes the closing process and costs and the loan applicant’s rights under the Real Estate Settlement Procedures Act (RESPA).

Hypothecate - To give something as security without giving up possession