Real Estate Dictionary

H

habendum clause: the part of a deed beginning with the words "to have and to hold," following the granting clause and defining the extent of ownership the grantor is conveying.

Habitability Statue: a law that imposes a duty on the land lord to make leased premises habitable and ready for occupancy and to maintain them in a state of repair throughout the term of the lease.

heterogeneity: See nonhomogeneity.

highest and best use: the possible use of land that would produce the greatest return and thereby develop the highest land value. The optimum use of a site, as used in appraisal.

holdover tenancy: a tenancy whereby a lessee retains possession of leased property after his or her lease has expired and the landlord, by continuing to accept rent, agrees to the tenant's continued occupancy.

holographic will: a will that is written, dated, and signed in the testator's handwriting but is not witnessed.

Home Mortgage Disclosure Act: a federal law the prevents redlining or denial of funds to certain areas; requires that public notices be posted by housing lenders.

homestead: land that is owned and occupied as the family home. In Texas, a portion of the area or value of this land is protected or exempt fro forced sale by creditors for judgments for debts with several exceptions.

HUD -1: See Uniform Settlement Statement

hypothecation: the pledge of specific real or personal property as security for an obligation without surrendering possession of it.