"to have and to hold" clause that defines the quantity of the estate granted in
a powder room, a half-bath contains a toilet and a sink but no bathtub or shower
house in fixer-upper condition.
made from wood fibers that is designed to simulate wood.
comes from deciduous trees such as oak, walnut, and maple; typically used for
fine interior finishes.
Also known as homeowner's insurance or fire insurance, hazard
insurance covers physical risks such as fire and wind damage. Lenders usually
require coverage for at least the replacement value of the
horizontal member in a door or window frame.
above a window or door.
component of a mechanical thermostat that shuts off the furnace or boiler just
before the set temperature is reached to prevent overheating.
cooling and heating system.
equivalent of 2.471 acres.
between two parcels of land that is not included in the legal description of
concentration of housing units in a specific area or on a specific
building taller than six stories.
roof with sloping sides.
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.
home or building listed in the National Register of Historic Places and
certified as historic by the U.S. Secretary of the
A door with a hollow interior.
|home equity conversion mortgage|
Loans made to older owners who want to convert equity into money.
Because borrowers are qualified on the basis of the value of their home, the
loan is not the same as a home equity loan. Also known as reverse
|home equity line of credit|
An open-ended line of credit based on a homeowner's accumulated
equity. Most loan amounts are limited to 75 to 85 percent of home's appraised
value; withdrawals can be made at any time within the credit line's
|home equity loan|
loan that allows owners to borrow against the equity in their
examination of a home's construction, condition, and internal systems by an
inspector or contractor prior to purchase.
professional who evaluates the structural soundness and operating systems of a
price agreed upon by a buyer and seller, usually based on an appraisal of the
house's market value. If there's a difference between price and appraised value,
lenders will base their loan on the lower amount.
of a local government to adopt its own land-use regulations.
of insurance that covers repairs to certain parts of a house and some
This insurance includes hazard coverage for any damages that may
affect the value of a house, in addition to personal liability and theft
|homeowners' 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.
|homeowners' 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
A special insurance policy that covers certain home repairs for a
specified amount of time.
A parcel of
land used by the owner as a primary residence.
document that to protects some of a home's equity from
used to describe an area or neighborhood where the property types and uses are
similar and compatible.
window that contains a single sash that tilts inward.
faucet connection for devices such as a washing machine.
ungrounded conductor that carries electrical current from the source. Hot wires
usually (but don't always) have black or red insulation.
polyethylene barrier wrapped around a house to save energy.
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
(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-1 Uniform Settlement Statement|
A closing statement or settlement sheet that outlines all closing
costs on a real estate transaction or refinancing.
A type of
ceiling fan that uses little vertical space. It is usually used in homes with
Thermostat-like device that measures the amount of water vapor in
the air and turns a humidifier or dehumidifier on and off
ventilation, and air conditioning.