Real Estate Words – H

Hazard Insurance: Insurance that protects real estate value against damages such as fires, natural disasters, wind, vandalism etc.
Heir: A person inheriting property by provision of law or provisions of a will.
Home-finding Assistance: Community information and other assistance provided by a third party in relation to finding a property.
Home Inspection Report: A report made by a qualified inspector evaluating condition of the structure and mechanical systems on a property.
Homeowner’s Insurance: Insurance that covers personal liability and theft in addition to hazard insurance for a dwelling and its contents.
Home Warranty Plan: Protection that covers the mechanical, electrical, plumbing, heating systems and appliances of a home.
HUD: U.S. Department of Housing and Urban Development.
HUD-1: A document that reports all the monies transacted in a real estate property closing.
Hybrid Adjustable Rate: A mortgage with the first few years (three, five, or seven) fixed, followed by the remaining years of the mortgage at adjustable rates.