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Real Estate Dictionary

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habendum/habendum clause

(Latin: habendum et tenendum, meaning to have and to hold). The clause in a deed, after the granting clause, that defines the extent of the property that is being transferred to the new owner.

habitable

A dwelling or property that is acceptable for human occupancy; that is, it is not derelict and meets standards of decency.

handyman’s special

A property that requires substantial work to bring it up to normal standards. Such a property is often sold at a lower price than it would be if it were in excellent repair.

hard costs

see direct costs.

hard sell

The sort of salesmanship, usually from a real estate agent or broker, in which a potential buyer is placed under extreme pressure to purchase, often leading to the buyer’s confusion or distress.

hazard insurance

A policy on property (or on property improvements) that covers damage by natural causes, such as fire or flooding.

hedged-account mortgage (HAM)

The payment of funds into an account that is set up to reduce mortgage payments at a later date.

height zoning

Local bylaws or ordinances that restrict the height of buildings in a particular area. Such restrictions may come into effect for many different reasons. The local government may want to make sure that natural attractions are not hidden from view, that the buildings do not pose a hazard near an airport or block the view on an expressway, or that the character of an area of historic interest or established character (e.g., low-rise, single-family houses) is preserved.

heir

One who receives the property of a deceased person by law rather than as a result of a will.

heirs and assigns

Words usually found in a deed, defining the interest that the grantee is receiving. For instance, a deed to “X, his heirs and assigns” would grant the property to X in the first instance but would also allow X to assign that property or have it descend to X’s heirs upon X’s death.