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H Terms

HVAC – Heating, Ventilation and Air Conditioning.  The HVAC contractor installs the heater, or air conditioning system in a building.

Hard Cost – Actual cost of building property improvements or building structure not including the land.

Hazard Insurance – Insurance against losses caused by perils or hazards which are commonly covered in policies described as a “Homeowner Policy”.

High-Rise – As defined by the building code in a downtown commercial district, this is usually described as a building 25 or more stories above ground level.  In suburban areas, it usually a building more than seven or eight stories high.

Highest And Best Use – The reasonably probable and legal use of vacant land or an improved property that gives it the highest value for what is physically possible and financially feasible to build and appropriately support.  An appraiser is sometimes charged to determine the highest and best use of a vacant lot to determine maximum value.

Holding Period – The amount of time an investor plans to retain ownership of a property after buying and before selling for financial planning.

Hold-Over Tenant – A tenant retaining possession of a leased property after a lease’s expiration as defined in the law of property.

Home Inspection – Usually performed during a typical real estate transaction is defined as an examination of a building’s structure and mechanical systems to determine a home’s safety.  A home inspection helps to make the potential homebuyer aware of any repairs that may be needed.

Homeowner’s Insurance – Insurance that covers damage to the insured’s home and personal assets included in the policy’s coverage subject to exceptions and exclusions.  Liability claims made against the insured are subject to the policy terms, conditions, provisions; losses not insured provision and exclusions.

Home Warranty – A warranty that offers protection for mechanical systems and attached appliances against unexpected repairs not covered by homeowner’s insurance subject to exclusions and exceptions.  Coverage extends for a specific period of time and does not include the home’s structure.

Homeowner Insurance – An insurance policy that combines protection against damage to a dwelling and its contents along with protection against claims of negligence or inappropriate action that resulted in someone’s personal injury or property damage.

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