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Heirs
Those designated by law to receive the property of the deceased if he leaves no will.
Highest and best use
That use of a parcel of land which will produce the greatest current value.
Holdover tenant
A tenant who stays beyond his lease period and who can be evicted or given a new lease.
Holographic will
One that is entirely handwritten and signed by the testator but not witnessed.
Homeowners and tenants
Includes property damage and public liability coverage.
Homeownership
For coverage see the specific topic in which you are interested, such as appraisal, condominiums, deeds, forms of ownership, insurance, listings, mortgages, offer and acceptance, taxation, title closing, title insurance, zoning and so forth.
Home-refinance program
A FNMA refinance plan that blends the rate on an existing mortgage with current rates.
Home-seller program
A plan whereby FNMA will buy purchase money mortgages from home-sellers.
Homestead Act
Allows persons to acquire fee title to federal lands .
Homestead protection
State laws that protect against the forced sale of a person's home.
Horizontal Property Act
A state condominium law.
HUD
Department of Housing and Urban Development.
Hundred percent commission
An arrangement whereby the sales-person pays for office overhead directly rather than splitting commission income with his Broker.
Hypothecate
To pledge property to secure a debt but without giving up possession of it.
Illiquid asset
An asset that may be difficult to sell on short notice.
Illiquidity
The possibility that it may be very difficult to sell on short notice; a lack of cash or assets that can be converted to cash quickly.
Implied authority
Agency authority that arises from custom rather than expressed agreement.
Implied contract
A contract created by the actions of the parties involved.
Impound or Reserve account
An account into which the lender places monthly tax and insurance payments.
Improvement district
An area that receives the benefits of a special public improvement which is paid for by its residents.
Improvements
Any form of land development, such as building roads, fences, pipelines.
Inchoate
Incomplete.
Income approach
A method of valuing property based on the monetary returns that a property can be expected to produce.
Indenture
An agreement or contract.
Independent contractor
One who contracts to do work according to his own methods and is responsible to his employer only as to the results of that work.
Indicated value
The worth of the subject property as shown by recent sales of comparable properties.
Inflation guard
An insurance policy endorsement that automatically increases coverage during the life of a policy.
Informal reference
To identify a parcel of land by it's street address or common name.
Innocent misrepresentation
Wrong information but without the intent to deceive.
Inquiry notice
Information that law resumes one would have where circumstances, appearances, or rumors warrant further inquiry.
Installment contract
A method of selling and financing property whereby the seller retain title but the buyer takes possession while he makes his payments.
Installment sale
The selling of an appreciated property on terms rather than for cash so as to spread out the payment of income taxes on the gain.
Insurable interest
The insured's financial interest in a property.
Insurance premium
The amount of money one must pay for insurance coverage.
Interim loan
A loan that is to be replaced by a permanent loan, a construction loan.
Intermediate theory
The legal position that a mortgage is a lien until default at which time title passes to the lender.
Inter vivos trust
A trust that takes effect during the life of its creator.
Intestate
Without a last will and testament.
Intestate succession
Laws that direct how a deceased's assets shall be divided if he leaves no will.
Inverse condemnation
A legal action in which an owner demands that a public agency buy his land.
Investment strategy
A plan that balances returns available with risks that must be taken in order to enhance the investor's overall welfare.
Iron pipe
Used as a survey monument.
Joint tenancy
A form of property co-ownership that features the right of survivorship.
Joint venture
An association of two or more persons or firms in order to carry out a single business project. |
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