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GLOSSARY
 
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H's
 

Half-bath

Also called a powder room, a half-bath contains a toilet and a sink but no bathtub or shower stall.

 

Home inspection

An examination of a home's construction, condition and internal systems by an inspector or contractor prior to purchase.

 

Home rule

The power of a local government to adopt its own land-use regulations.

 

Home warranty

A type of insurance that covers repairs to certain parts of a house and some fixtures.

 

Homeowners' association

A group that governs a modern subdivision or planned community.  An association collects monthly fees from all owners to pay for maintenance of common areas, handle legal and safety issues, and enforce the covenants, conditions and restrictions set by the developer.

 

Homeowners' insurance

This insurance includes hazard coverage for any damages that may affect the value of a house, in addition to personal liability and theft coverage.

 

Homeowners' warranty

Special insurance policies that cover certain home repairs for a specified amount of time.

 

Homesteading

A document that to protects some of a home's equity from lawsuits.

 

Housing discrimination

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 costs.

 

HUD-1 Uniform Settlement Statement
A closing statement or settlement sheet that outlines all closing costs on a real estate transaction or refinancing.


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