Real Estate Acronyms, Definitions, Dictionary, Glossary and Terms

Glossary

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HVAC: Heating, ventilation & air conditioning system.

HUD: Housing and Urban Development Department.

Home Warranty: This is contractual document that is used to secure the repairs or replacement costs of home appliances and equipment that generally include stoves, HVAC systems, electrical systems and so on. The warranty generally covers regular use of the appliances/systems for a predetermined period of time.

Home Owners Association Fee (HOA Fee): A fee generally assessed by a subdivision, condominium association or other used to maintain the general grounds in which a property is located (i.e. general lawns, lighting, gym, etc.)

Home Owners Association (HOA): An association composed of property owners within a subdivision, high rise or other land mass where multiple dwellings are grouped designed to regulate the activities and physical upkeep/modifications made by the individual property owners.

Home Inspection: The inspection of a property that evaluates a number of aspects of a home that encompasses, but not limited to, the structural integrity, electrical systems, plumbing, HVAC, roofing and others.

Home Improvement: The performance of upgrades to a property for the general purpose of increasing the value and profitability when selling it (also known as betterment.) Home Improvements generally are substantial in nature (i.e. such are replacing your roof) and not minor repairs (i.e. fixing a door knob.)

Home Equity Loan: A loan that is secured by a home.

Home Equity Line of Credit: Loan that is secured with the equity owned in a home by the borrower. A home equity line of credit is usually subordinate to the first mortgage.

High Rise: Term used to describe a building that houses apartments, condos or offices in a vertical structure generally more than four (4) stories high.

Hazard Insurance: Insurance policy procured by a borrower, property owner, that insures against fire or natural disasters.

Habitable: Term used to describe a home that is fit for a human to live in.

DISCLAIMER: This information is provided for educational purposes only and it is not intended as legal advice. Home Connector cannot be held liable for any losses made in conjunction arising from any decisions made by you or on your behalf based on the information contained herein. Please consult a professional real estate agent or broker before making any investment decisions.

Glossary

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