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REAL ESTATE AND MORTGAGE TERMS:
H
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- Term used to describe “non traditional” financing.
It is often a private lender and the rate and terms are typically
more expensive than traditional financing.
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- Insurance on a property against damages caused by fire, wind
storms, and similar risks.
- One who might inherit or succeed to an interest in a property
under the rules of law applicipable when a property owner dies.
- Will written in the testator's handwriting and not witnessed.
- An association of people who own homes in a given area for
the purpose of improving or maintaining the quality of the area.
- Policy which expands the insurance for a homeowner. It
may include theft, liability, earthquake, etc.
- Payments made by property owner(s) of a condominium or
a unit in PUD to the homeowners' association for expenses incurred
in upkeep of the common areas.
- Tract of land occupied as a family home.
- The federal government agency that oversees FHA.
- A closing document required by HUD that outlines the settlement
cost of a loan. The closing agent generally prepares the document
and buyer receives it shortly after the loan is closed.
GLOSSARY:
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