| Term | Definition |
|---|
| homestead | (1) The house in which a family lives, plus any adjoining land and other buildings on that land. (2) Land, and the improvements thereon, designated by the owner as his homestead and, therefore, protected by state law from forced sale by certain creditors of the owner. Homestead protection will not stop foreclosures for deliquent mortgages, taxes or mandatory homeowner's association dues. |
| house closing | The final transfer of the ownership of a house from the seller to the buyer, which occurs after both have met all the terms of their contract and the deed has been recorded. Also known as just "closing". |
| Housing and Urban Development, Deparment of (HUD) | The U.S. Department of Housing and Urban Development. This is the agency responsible for enforcing the federal Fair Housing Act. |
| HUD | Acronym - Housing and Urban Development. |
| implied warranty of habitability | A legal doctrine that requires landlords to offer and maintain livable premises for their tenants. If a landlord fails to provide habitable housing, tenants in most states may legally withhold rent or take other measures, including hiring someone to fix the problem or moving out. See constructive eviction. |
| improvements | Valuable additions to the land, such as buildings, fences, roads, etc., which increase the value of the property. |
| incidents of ownership | Any control over property. If you give away property but keep an incident of ownership--for example, you give away an apartment building but retain the right to receive rent-- then legally, no gift has been made. This distinction can be important if you're making large gifts to reduce your eventual estate tax. |
| income approach to value | An estimate of value based on the monetary returns that a property can be expected to generate; capitalization. Contrast with the cost approach to value and the market data approach to value. |
| index | A number, usually a percentage, upon which future interest rates for adjustable rate mortgages are based. |
| ingress | An entrance, or the act of entering. Compare egress. |
