Definition: A provision in a deed to real property that stipulates the estate or interest the grantee is to receive and the type of title conveyed. Pronunciation: \həˈbendəm\\ˈklȯz\ Used in a Sentence: The type of estate being transferred is found in the habendum clause of..
Category : H
Definition: A protected class as defined in the Fair Housing Act and the American with Disabilities Act consisting of a physical or mental impairment that substantially limits one or more major life activities. Pronunciation: \ˈhan-di-ˌkap, -dē-\ \ˈstā-təs, ˈsta-\ Used in a Sentence: Landlords may not refuse to rent to an individual based on their handic..
Definition: A property insurance policy that indemnifies against loss resulting from physical damage to property due to hazards such as fire, flood and windstorm. Pronunciation: \ˈha-zərd\\in-ˈshu̇r-ən(t)s\ Used in a Sentence: We were fortunate that our hazard insurance covered the damage done by ..
Definition: Local codes that regulate maintenance and sanitation of public places. Pronunciation: \ˈhelth\ \ˈȯrd-nən(t)s, ˈȯr-də-nən(t)s\ Used in a Sentence: The health ordinance mandated the park have public restroom f..
Definition: An appraisal term that focuses on the most profitable legal use to which a property can be put. Pronunciation: Used in a Sentence: The vacant lot located in a business district was not employing it’s highest and..
Definition: A pitched roof with sloping sides and ends. Pronunciation: Used in a Sentence: The house was designed with a..
Definition: A mortgage secured by a personal residence. It provides a line of credit available for draws when needed by the homeowner. Pronunciation: \ˈe-kwə-tē\ Used in a Sentence: We took out a home equity loan to pay for the kitche..
Definition: A term used to describe three separate but related situations: 1) a tax exemption, 2) a tract of land limited in size, and 3) a statutory condition designed to protect the interests of a spouse and lineal descendants. Pronunciation: \ˈhōm-ˌsted, -stid\ Used in a Sentence: Since we had a homestead exemption on our ..
Definition: One individual or a group of individuals, living in one dwelling. Pronunciation: \ˈhau̇s-ˌhōld, ˈhau̇-ˌsōld\ Used in a Sentence: There are three people in our ..
Definition: A booklet containing consumer information regarding closing costs the borrower may incur at closing. RESPA requires lenders to give the booklet to loan applicants. Pronunciation: Used in a Sentence: We were given our settlement cost booklet before the closing so we knew what costs we could expe..