-  H  -

 

Heating Systems

Most homes are heated with forced warm air, hot water, steam or electric heat. Heating systems are rated based on their ability to produce heat in British thermal units (Btu's). The relative cost of fuels can benefit or detract from the value of a home based on the system installed.

 


Hereditaments

A property that can be inherited, including a personal, real or corporate property.

 


Highest and Best Use

A use of a property that provides the greatest net return to the owner in the form of profit or amenities over a given time. The use must be a reasonably probable one that is physically adaptable, legally permissible, financially or economically feasible and maximally productive.

 


Historic Properties

Historic properties have been recognized as special by the government with tax breaks and tax incentives since the late 1930's, and special districts and designations have been adopted in real estate to protect them. Some historic areas have been federally certified after an intensive review that complies with the requirements of the National Register.

 


Home Equity Loan

A loan given to a home owner by a financial institution that is usually secured against the equity of the home. Home equity loans are often second loans, and they hold a second position in the event of a foreclosure.

 


Homeowner's Insurance

Most policies written for a homeowner insure against theft of personal property, fire, wind and water damage from most causes and liability protection. While policy terms vary, personal injuries caused by an insured party's negligence, medical payments and physical damage to the property of others are typically covered losses. Coverage is normally put in force on the day of closing, when title passes to a new buyer. The Seller may assume the risk of loss to all or part of the property during the contract period.

 

Insurance on a home is normally provided against property damage caused by unnatural acts. Natural acts, like floods and earthquakes, often require special supplemental insurance.  A homeowner's insurance policy also often contains some personal liability coverage.

 


Homestead

A term generally used to identify a primary residence, a dwelling where an individual resides. Special protections against judgments and reduced taxes are often placed on homestead properties.

 


HUD

The Department of Housing and Urban Development. This organization was created from the Federal Housing Administration (FHA). It is a large government agency with responsibility for a number of programs related to housing those in need.

 


 

 



Copyright 2007 Horizon Village Realty & Appraisal

Commercial Real Estate Appraisals in the Las Vegas & Henderson, Nevada Area.