A GLOSSARY OF REAL ESTATE TERMS

H


Hazard Insurance
Insurance on a property against damages caused by fire, wind storms, and similar risks.
Health Care
A general property type or building type classification characterized by its usage for healthcare purposes.
Heavy Industrial
An Industrial property subtype in which the property is occupied by one or more tenants and the property is utilized for heavy industrial purposes.
Heirs and Assigns
One who might inherit or succeed to an interest in a property under the rules of law applicable when a property owner dies.
High Traffic
A count of the number of vehicles moving past a location during a period of time; usually expressed as "Average Daily Traffic" (ADT) and characterized as High, Medium or Low.
High-Rise Apartments
A Multifamily subtype; a five- or more story apartment building or development; typically elevator-serviced.
Highway Access
Identifies whether the property has nearby highway access. Generally, nearby when relating to highway or interstate access means within 1 mile.
Highway Visibility
Identifies whether the property is visible from a highway or interstate. For certain properties, highway or interstate visibility may increase the overall appeal and marketability of the property (e.g. hotel, high-scale retail, self-storage, etc.).
Holographic Will
A will written in the testator’s handwriting and not witnessed.
Homeowners Association
An association of people who own homes in a given area for the purpose of improving or maintaining the quality of the area.
Homeowner’s Policy
Policy which expands the insurance for a homeowner. It may include theft, liability, earthquake, etc.
Homeowner’s or Maintenance Fees
Payments made by property owner (s) of a condominium or a unit in PUD to the homeowners’ association for expenses incurred in upkeep of the common areas.
Homestead
Tract of land occupied as a family home Homestead Principle.
Hotel
A general property type or building type classification characterized by its usage as a hotel.
Housing and Urban Development (HUD)
The federal government agency that oversees FHA.
HUD 1
A closing document required by HUD that outlines the settlement cost of a loan. The closing agent generally prepares the document and buyer receives it shortly after the loan is closed.
HVAC
Heating, ventilation, air conditioning.