HABENDUM - The clause in a deed,
following the granting clause, which defines the extent of the estate
of the grantee.
HAZARD
INSURANCE -
Insurance policy placed o n property improvement that covers damage by
fire or other natural causes.
HECTARE - A French unit of measurement,
equaling 10,000 square meters (2.471 acres).
HEIR - One who by law, rather than
by will, receive the estate of a deceased person.
HEIRS
AND ASSIGNS
- Words usually found in a deed, showing the interest the grantee is
receiving. A deed to "A, his heirs and assigns", would grant the
property to A, with the right to assign said property or to have it
descent to A's heirs upon A's death.
HETEROGENEOUS
- An appraisal term describing an area composed of building of varied
styles or uses. Not as desirable as homogenous property.
HIGHEST
AND BEST USE
- The use of land which will bring the greatest economic
return over a given time.
HISTORICAL
COST - The
cost of a building when first constructed.
HOLDBACK
- Portion of a loan held back by the lender until a contingency is met.
Typically 1.5 to 2 times the estimated cost of the repairs. If the
repairs are not made in the allotted time period these funds are used
to make the repairs. In construction financing, funds are held back
until, for example a certain percentage of a subdivision has been sold,
or a certain portion of a building have been completed.
HOMOGENEOUS
- Similar of the same. In appraisal, an area having similar style
properties or properties of similar use is considered more valuable
that a heterogeneous area.
HOUSING
AND URBAN DEVELOPMENT (HUD) - Department of the US
Government responsible for all facets of the federal housing and urban
development programs.