Habendum clause
The "to have and to hold" clause that defines the quantity of the estate granted in the deed.

Half-bath
Also called a powder room, a half-bath contains a toilet and a sink but no bathtub or shower stall.

Handyman special
A house in fixer-upper condition.

Hard-Money Mortgage
Cash loan to a borrower.

Hardboard
A material made from wood fibers that is designed to simulate wood.

Hardwood
Wood that comes from deciduous trees such as oak, walnut, and maple; typically used for fine interior finishes.

Hazard Insurance
Insurance coverage that in the event of physical damage to a property from fire, wind, vandalism, or other hazards.

Head jamb
The top horizontal member in a door or window frame.

Header
Crossbeams above windows and doors.

Heat anticipator
A component of a mechanical thermostat that shuts off the furnace or boiler just before the set temperature is reached to prevent overheating.

Heat pump
An electric cooling and heating system.

Hectare
The equivalent of 2.471 acres.

High density
The concentration of housing units in a specific area or on a specific property.

High-rise
Any building higher than six stories.

Hip roof
A pitched roof with sloping sides.

Historic preservation
The physical rehabilitation of a historic home or building, and the movement of the same name begun in the 1960s in the United States to preserve and protect landmarks and urban neighborhoods.

Historic structure
A home or building listed in the National Register of Historic Places and certified as historic by the U.S. Secretary of the Interior.

Home Equity Conversion Mortgage
Usually referred to as a reverse annuity mortgage, what makes this type of mortgage unique is that instead of making payments to a lender, the lender makes payments to you. It enables older home owners to convert the equity they have in their homes into cash, usually in the form of monthly payments. Unlike traditional home equity loans, a borrower does not qualify on the basis of income but on the value of his or her home. In addition, the loan does not have to be repaid until the borrower no longer occupies the property.

Home Equity Line of Credit
A mortgage loan, usually in second position, that allows the borrower to obtain cash drawn against the equity of his home, up to a predetermined amount.

Home equity loan
A loan that allows owners to borrow against the equity in their homes.

Home Inspection
A thorough inspection by a professional that evaluates the structural and mechanical condition of a property. A satisfactory home inspection is often included as a contingency by the purchaser.

Home inspector
A professional who evaluates the structural soundness and operating systems of a residence.

Home rule
The power of a local government to adopt its own land-use regulations.

Home warranty
A type of insurance that covers repairs to certain parts of a house and some fixtures.

Homeowner association (HOA)
A group that governs a subdivision, condominium, or planned community. The association collects monthly fees from all owners to pay for common area maintenance, handle legal and safety issues, and enforce the covenants, conditions, and restrictions set by the developer.

Homeowner association dues
Monthly payments due to a homeowners' association, to be used for maintenance and communal expenses. Condominiums, townhouse complexes, and planned unit developments (PUDs) may require monthly homeowners' association dues.

Homeowner insurance
This insurance includes hazard coverage for any damages that may affect the value of a house, in addition to personal liability and theft coverage.

Homeowner's Association
A nonprofit association that manages the common areas of a planned unit development (PUD) or condominium project. In a condominium project, it has no ownership interest in the common elements. In a PUD project, it holds title to the common elements.

Homeowner's Insurance
An insurance policy that combines personal liability insurance and hazard insurance coverage for a dwelling and its contents.

Homeowner's Warranty
A type of insurance often purchased by homebuyers that will cover repairs to certain items, such as heating or air conditioning, should they break down within the coverage period. The buyer often requests the seller to pay for this coverage as a condition of the sale, but either party can pay.

Homeowners association
A group that governs a modern subdivision or planned community. An association collects monthly fees from all owners to pay for maintenance of common areas, handle legal and safety issues, and enforce the covenants, conditions and restrictions set by the developer.

Homeowners warranty
Special insurance policies that cover certain home repairs for a specified amount of time.

Homestead
A parcel of land used by the owner as a primary residence.

Homesteading
A document that to protects some of a home's equity from lawsuits.

Homogenous
A term used to describe an area or neighborhood where the property types and uses are similar and compatible.

Hopper window
A window that contains a single sash that tilts inward.

Hose bibb
A threaded faucet connection for devices such as a washing machine.

House wrap
A polyethylene barrier wrapped around a house to save energy.

Housing discrimination
The illegal practice of denying an individual or group the right to buy or rent a home based on race, color, religion, national origin, sex, disability, or family status.

Housing expense ratio
The percentage of gross monthly income devoted to housing costs.

HUD
Abbreviation of (the U.S. Department of) Housing and Urban Development, a federal agency that oversees the Federal Housing Administration (FHA) and a variety of housing and community development programs.

HUD Median Income
Median family income for a particular county or metropolitan statistical area (MSA), as estimated by the Department of Housing and Urban Development (HUD).

HUD-1 Settlement Statement
A document that provides an itemized listing of the funds that were paid at closing. Items that appear on the statement include real estate commissions, loan fees, points, and initial escrow (impound) amounts. Each type of expense goes on a specific numbered line on the sheet. The totals at the bottom of the HUD-1 statement define the seller's net proceeds and the buyer's net payment at closing. It is called a HUD1 because the form is printed by the Department of Housing and Urban Development (HUD). The HUD1 statement is also known as the "closing statement" or "settlement sheet."

HUD-1 Uniform Settlement Statement
A closing statement or settlement sheet that outlines all closing costs on a real estate transaction or refinancing.

Humidistat
Thermostat-like device that measures the amount of water vapor in the air and turns a humidifier or dehumidifier on and off accordingly.

HVAC
Heating, ventilation, and air conditioning.

Hybrid Financing
The joining together of two forms of finance, such as combining a convertible loan with a participation loan, under which the lender has the right at loan maturity to convert the debt to a 50 percent ownership in the property.