Real Estate Words Glossary | RISMedia

Inspection

The act of physically examining and testing a piece of property to ascertain certain information.

Any form of land development or man-made addition, such as the erection of a building or fence, to enhance the value of private property; also an improvement to publicly owned structures, such as a sewer or road.

HUD

Acronym for the Department of Housing and Urban Development, an agency from which almost all of the federal government's housing programs flow.

Housing codes

Local regulations that set minimum conditions under which dwellings are considered fit for human habitation. It guards against unsanitary or unsafe conditions and overcrowding.

Homestead protection

State and federal laws that protect against the forced sale of a person's home by creditors. Also, upon the death of one spouse, provides the other with a home for life.

Homeowner’s insurance policy

Packaged insurance policy for homeowners and tenants that cover property damage and public liability, such as fire, theft, and personal liability.

Historic structures

Buildings of historical or architectural significance, perhaps landmarks, that are designated by federal, state, or local historical commissions.

Highest and best use

Use of land that is most logical and productive. Refers to the greatest income it can bring the owner, as well as factors such as aesthetics and benefits to the surrounding community.

Grantor

Person named in a deed who conveys ownership of real estate; the seller.

Grantee

Person named in a deed who acquires ownership of real estate; the buyer.

Graduated payment mortgage

Mortgage loan for which the initial payments are low but increase over the life of the loan.

Grace period

Specified period of time to meet a commitment after it becomes due, without penalty or default. For example, most lenders allow a two-week grace period after the due date of the mortgage payment before a late fee is imposed.

Gentrification

Process whereby private or government-sponsored development of certain aging neighborhoods results in the displacement of low- or moderate-income families by the more affluent and leads to an increase in property values.

Freddie Mac

Common name for the Federal Home Loan Mortgage Corporation, which buys and sells loans in the secondary mortgage market.

Foreclosure

Legal action instigated by a lender to end all ownership rights when mortgage payments have not been kept up.

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