Real Estate Glossary
Browse the glossary using this index
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habendum clauseis not an essential requirement of a deed but if used will follow the granting clause and define or limit the interest being transferred. The habendum clause begins with the words “to have and to hold.” | |
headrightsThe earliest property descriptions in Georgia in the eastern area used the headrights approach, which depends on natural boundaries and markers. | |
heterogeneityThe uniqueness of land. No two parcels of land are ever exactly the same. | |
highest and best use | |
home inspectorprofessionals who provide a deliberate and methodical visual inspection of the interior and exterior of the structure. The home inspector does what most buyers fail to do, make a thorough and objective inspection of the house. | |
homeowner associationare entities created by a planned unit development to own the common areas and enforce subdivision restrictions including maintaining and managing the amenities. Financial participation is mandatory to insure funds are available for maintenance. | ||
homeowner's insurance policy | |
homesteadLand that is owned and occupied as the family home. In many states a portion of the area or value of this land is protected or exempt from judgements for debts. | |
hypothecationTo pledge property as security for an obligation or loan without giving up possession of it. | ||
hypothetical conditionassumes conditions that are contrary to what is known to exist, but is assumed for the purposes of appraisal analysis. The use of hypothetical conditions is covered in USPAP Standards Rule 1-2(g). An appraiser may need to determine the commercial value of a property that is currently zoned residential. The appraiser knows it is not zoned commercial but proceeds assuming the zoning can change, the assumption is contrary to what exists and is a hypothetical condition. | |