Glossary of terms used on this site
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| Term | Definition |
|---|---|
| Heat Pump |
An electric device that uses compression and decompression of gas to heat and cool a home.
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| Hidden Defect |
A title defect that is not apparent from examination of public records.
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| HOA |
Home Owners Association.
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| HOA Fees |
Pro rated fees set by the Home Owners Association usually used for lawn maintenance, road maintenance, security and common area amenities such as swimming pools.
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| Home Equity Loan |
A type of loan in which the borrower uses the equity in their home as collateral.
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| Home Inspection |
An examination of the structure and mechanical systems to determine a home's safety.
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| Home Warranty |
Private insurance usually paid for by the Seller, insuring a buyer against defects.
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| HUD |
Housing and Urban Development
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| HUD-1 Settlement Statement |
A closing statement that outlines all costs associated with a real estate transaction.
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