Dave Clements
Managing Broker / Owner
(307) 214-1298
dave@wyo4sale.com

Shelley Clements
Associate Broker / Owner
(307) 630-5310
shelley@wyo4sale.com

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GLOSSARY OF TERMS

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hazard insurance

Insurance protecting against loss to real estate caused by fire, some natural causes, vandalism, etc., depending upon the terms of the policy.

 

holdover tenancy

A tenancy whereby a lessee retains possession of leased property after the lease has expired and the landlord, by continuing to accept rent, agrees to the tenant's continued occupancy as defined by state law.

 

home equity loan

A loan (sometimes called a line of credit) under which a property owner uses his or her residence as collateral and can then draw funds up to a prearranged amount against the property.

 

homeowner's insurance policy

A standardized package insurance policy that covers a residential real estate owner against financial loss from fire, theft, public liability, and other common risks.

 

homestead

Land that is owned and occupied as the family home.  In many states a portion of the area or value of this land is protected or exempt from judgments for debts.

 

housing ratio

The ratio of the monthly housing payment in total (PITI - Principal, Interest, Taxes, and Insurance) divided by the gross monthly income.  This ratio is sometimes referred to as the top ratio or front end ratio.

 

HUD

The U.S. Department of Housing and Urban Development.

 

hypothecate

To pledge property as security for an obligation or loan without giving up possession of it.