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HAZARD INSURANCE-Protects
against damages caused to property by fire, windstorms, and
other common hazards.
HIGHEST AND BEST USE -
The most profitable legal use to which property may be put.
HOLDOVER TENANCY
- A leasehold in which the tenant has overstayed legal right
to possession of the property.
HOMESTEAD
- Always in the context of a family home: 1. Legal life estate
for the surviving spouse in a family home. 2. Protection of
some portion of equity against unsecured creditors. 3.
Reduction in property tax or a state income tax credit for
property tax paid on a family home. A
home on which a declaration of homestead has been filed which
protects the home from unsecured creditors up to a statutory
amount.
HOMEOWNERS POLICY - A comprehensive insurance policy covering fire,
vandalism, theft, liability, and other hazards.
HORIZONTAL PROPERTY
ACT
- State law recognizing the description and development of
condominiums. Described as ""horizontal""
because of the inherent limitation of the condominium
regarding vertical expansion.
HUD - U.S. Department of Housing and Urban Development. Office of
Housing/Federal Housing Administration within HUD insures home
mortgage loans made by lenders and sets minimum standards for
such homes.
HYPOTHECATION - To offer property as
collateral for a debt without giving up possession of it.
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