Property Legal Terms (H)

hardware

The metal accessories used in construction such as doorknowbs, hinges; locks, etc.

hazard insurance

Insurance coverage that in the event of physical damage to a property from fire, wind, vandalism, or other hazards.

high-end apartment

An apartment that is more luxurious than standard apartment, but does not have all the amenities and facilities to be a "luxurious apartment"

high-rise apartment

An apartment building having a comparatively large number of stories, considered "high" in the area where it is built and equipped with elevators.

holding period

The length of time an asset was held, that is, the time between the trade date of the purchase and the trade date of the sale

home equity line of credit

A mortgage loan, usually in second position, that allows the borrower to obtain cash drawn against the equity of his home, up to a predetermined amount.

home inspection

A thorough inspection by a professional that evaluates the structural and mechanical condition of a property. A satisfactory home inspection is often included as a contingency by the purchaser.

homeowners' association

A non-profit association that manages the common areas of a planned unit development (PUD) or condominium project. In a condominium project, it has no ownership interest in the common elements. In a PUD project, it holds title to the common elements.

homeowner's insurance

An insurance policy that combines personal liability insurance and hazard insurance coverage for a dwelling and its contents.

homeowner's warranty

A type of insurance often purchased by homebuyers that will cover repairs to certain items, such as heating or air conditioning, should they break down within the coverage period. The buyer often requests the seller to pay for this coverage as a condition of the sale, but either party can pay.

hotel

A commercial establishment offering lodging to travellers and sometimes to permanent residents, and often having restaurants, meeting rooms, stores, etc., that are available to the general public

house

A building in which people live or a residential structure