Fit for human habitation.
As defined in the fair housing act, a physical or
mental impairment that substantially limits one or more
major life activities (walking, seeing, learning,
working) or a record of having such an impairment or
being regarded as having such impairment. Handicap does
not include current, illegal use or addiction to a
A subset of solid wastes that pose substantial or
potential threats to public health or the environment
and meet any of the following criteria:
specifically listed as a hazardous waste
Exhibits one or more of the
characteristics of hazardous waster
reactivity, and/or toxicity;
generated by the treatment of hazardous
waste or is contained in a hazardous
Toxic waste materials
jeopardizing the value of real
highest and best use
The possible use of a property that would produce
the greatest net income and thereby develop the highest
A contract provision whereby one party agrees to
indemnify and protect the other party from any injuries
or lawsuits arising out of the particular transaction.
Such clauses are usually found in leases in which the
lessee agrees to "indemnify, defend and hold harmless"
the lessor from claims and suits of third persons for
damage resulting from the lessee's negligence on the
Funds not released under a construction loan agreement
due to a failure to lease to the required minimum.
A tenancy whereby a lessee retains possession of leased
property after the lease has expired and the landlord,
by continuing to accept rent, agrees to the tenant's
continued occupancy as defined by state law.
A will that is written, dated and signed in the
testator's handwriting, but not witnessed. Some states
consider a holographic will to be valid even though it
was not witnessed, presumably on the theory that the
handwriting can be analyzed to verify authenticity and
home equity loan
A loan (sometimes called a line of credit) under which a
property owner uses his or her residence as collateral
and can then draw funds up to a prearranged amount
against the property.
home expense-to-income ratio
A ratio expressed as a percentage that is used by the
mortgage industry to determine a borrower's
qualification for a loan. It is calculated by dividing
the borrower's total monthly housing expenses by his or
her gross monthly income.
A nonprofit association of homeowners organized pursuant
to a declaration of restrictions or protective covenants
for a subdivision, PUD or condominium.
homeowner's insurance policy
A standardized package insurance policy that covers a
residential real estate owner against financial loss
from fire, theft, public liability and other common
A statutory exemption of real property used as a home
from the claims of certain creditors and judgments up to
a specified amount; requires a declaration of homestead
be completed and filed with the county recorder's
home warranty insurance policy
An insurance policy that insures against plumbing,
electrical, heating, and major appliance problems for
the term of the policy.
housing affordability index
A measure of the percentage of the United States
population who can afford to purchase a home; based on
average income and average home price.
A federal cabinet department officially known as the
U.S. Department of Housing and Urban Development, HUD is
active in national housing programs. Among its many
programs are urban renewal, public housing, model
cities, rehabilitation loans, FHA-subsidy programs and
water and sewer grants. The Office of Interstate Land
Sales Registration is under HUD's jurisdiction, as are
the Federal Housing Administration (FHA) and the
Government National Mortgage Association (GNMA).
HUD-1 settlement statement
At closing, in conformance with Real Estate Settlement
Procedures Act (RESPA) regulations, a HUD-1 settlement
statement is prepared showing the exact closing costs to
buyer and seller.
The acronym for Heating, Ventilation, and Air
Mixing forms of conventional financing to create a new