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Hazard insurance	Insurance protection for specified losses due to natural causes, such as fire, floods, earthquake, tornadoes, and other "acts of God"
Heir	An individual who will potentially inherit an interest in land from someone who dies
Hiatus	A gap or space between two parcels of lands that is not included in the legal description of either parcel
Home equity line of credit, or Home equity loan	A mortgage loan (usually not the primary mortgage) or line of credit which gives the property owner the option to obtain cash advances from the loan proceeds, using his or her residence as collateral, but which is not to exceed a pre-arranged amount of the owner's total equity in the property
Homeowners' association	A nonprofit association of individual owners of units in a multi-unit structure (either a planned unit development, or a condominium) that manages the common areas of that structure. In a planned unit development (PUD) project, the association holds title to the common elements, whereas in a condominium project, it holds no title to the common elements
Homeowner's insurance	An insurance policy available to residential real estate owners that protects homeowners against financial loss from fire, theft, public liability, and other risks
Homestead	Real estate that is owned and utilized as the primary family residence, protected in some states as exempt from the claims of creditors
Homestead deed	A document filed in the land records asserting a homestead exemption, protecting a variable amount of his assets (depending on which state) against the claims of creditors
Housing ratio, or Debt-to-income ratio	The percentage that results from dividing a borrower's housing expenses by his/her gross monthly income, used by the lender to evaluate an applicant's qualification for a loan
HUD-1 statement	The document used in closing a real estate transaction (also known as a "closing statement" or a "settlement sheet") which itemizes the funds that are payable at closing, including broker commissions, loan costs, and escrow amounts, and which provides a summary of the seller's net proceeds and the buyer's net payment at closing. It is required by the US Department of Housing and Urban Development (HUD) whenever federally-related mortgages are being made on residential properties

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The Volpe Team Prudential Commonwealth Realty 116 North Main Street, Suite 100 Lexington, VA. 24450 Office Phone: 540-463-4443 Fax: 540-463-4089 Toll Free: 800-464-7515 Chuck Volpe: ChuckVolpe@PruCommonwealth.com As the preeminent real estate professionals in our community, we are dedicated to providing the finest service available while breaking new ground. Because the real estate industry is becoming more sophisticated and challenging every day, you need a professional that understands the industry and is positioned to stay ahead of the game. We go the extra mile to help you achieve your goals. That’s why we constantly research the market and property values so your home is priced effectively from day one. We also make sure the public knows your home is for sale by using innovative advertising and marketing techniques to attract potential buyers. This allows us to go the extra mile for you. Call or email us today! www.HomesofLexington.com is brought to you by The Volpe Team NUMBER1EXPERT™ in real estate for Lexington, Rockbridge and Shenandoah Valley, Virginia Read The Volpe Team's Privacy Guarantee, Terms of Service, and Free & Without Obligation Pledge

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