Real Estate Dictionary

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HABENDUM - The clause in a deed, following the granting clause, which defines the extent of the estate of the grantee.

HAZARD INSURANCE - Insurance policy placed o n property improvement that covers damage by fire or other natural causes.

HECTARE - A French unit of measurement, equaling 10,000 square meters (2.471 acres).

HEIR - One who by law, rather than by will, receive the estate of a deceased person.

HEIRS AND ASSIGNS - Words usually found in a deed, showing the interest the grantee is receiving. A deed to "A, his heirs and assigns", would grant the property to A, with the right to assign said property or to have it descent to A's heirs upon A's death.

HETEROGENEOUS - An appraisal term describing an area composed of building of varied styles or uses. Not as desirable as homogenous property.

HIGHEST AND BEST USE - The use of land which will bring the greatest economic return over a given time.

HISTORICAL COST - The cost of a building when first constructed.

HOLDBACK - Portion of a loan held back by the lender until a contingency is met. Typically 1.5 to 2 times the estimated cost of the repairs. If the repairs are not made in the allotted time period these funds are used to make the repairs. In construction financing, funds are held back until, for example a certain percentage of a subdivision has been sold, or a certain portion of a building have been completed.

HOMOGENEOUS - Similar of the same. In appraisal, an area having similar style properties or properties of similar use is considered more valuable that a heterogeneous area.

HOUSING AND URBAN DEVELOPMENT (HUD) - Department of the US Government responsible for all facets of the federal housing and urban development programs.

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