Real Estate Glossary - What does it all mean? (the letter H)

By
Real Estate Agent with Coldwell Banker Jane Henry Realtors (Wylie TX & LovejoyISD) TX Lic# 055794

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.

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Melissa Hailey, Broker/Associate, Realtor, CRS, SFR, AHS
North Texas Top Team Realtors
Coldwell Banker Jane Henry Realtors

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Topic:
Real Estate General Information
Location:
Texas Collin County
Groups:
Certified Residential Specialists
Christianity and Real Estate
CRS Realtors in ActiveRain
Lone Star Real Estate Professionals
Tags:
woodbridge home
maxwell creek home
coldwell banker plano
real estate in collin county
real estate in wylie
real estate terminology
real estate glossary

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Rainmaker
192,517
Scott Larson
SRES
Hedeman Real Estate Company

Melissa thank you for the nice chart of terms. Sometimes we take for granted that clients know the lingo.

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May 24, 2010 09:35 PM
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Charlie Ragonesi
Homes - Big Canoe, Jasper, North Georgia Pros
AllMountainRealty.com

I constantl look at these and say to myself , Has she left anything out?  The answer is no. Great post

May 25, 2010 08:28 AM
Anonymous #3
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Thanks for the comments.  I am going to try to get more than 1 per day done, so that we can have a complete list soon.  Feel free to re-blog any of these (or all of these).  I think it's great information for everyone!

May 25, 2010 09:52 AM
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Rainmaker
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Melissa Hailey

Collin County Realtor, Lucas, Murphy, Plano, Parke
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