Terms Beginning With - H
Property Development & Investment Glossary, Terms & Definitions
Hard construction cost
The cost of erecting a building shell as well as the majority of the finishing components.
Hard dollars
Money offered in return for increased equity or ownership in a deal, such as a down payment.
Hazard insurance
Insurance that covers you in the event of a fire or specific climate conditions.
Hectare
A plot of land of 2.47 acres or around 1 07,637 square feet.
Heir
A person who is the beneficiary of a will.
Highest and best use
The legitimate use of property that is most likely to yield the highest long-term nett return on the land or building. The usage must be authorised and in accordance with local planning restrictions, zoning legislation, and building codes. The highest and best use is decided by weighing the quantity and quality of income generated by various land uses. The word "nett return" is usually used to refer to the amount of money earned, while other factors such as convenience may be taken into account.
High-rise
A structure with more than six storeys.
Historic structure
A structure that has been formally recognised by a government body for its historic value, and which is generally given preferential tax treatment to encourage renovation.
Holdback
Funds are held in reserve until specific occurrences take place.
Holder in due course
A person who buys a bearer instrument in good faith and is allowed to keep it despite the fact that it may have been stolen.
Hold harmless clause
A provision in a contract in which one party pledges to defend another against any accusations.
Holding area
A reception area, generally in the freight-docking area, where a tenant's deliveries are held.
Holding costs
Costs of transportation.
Holding period
The period during which a person possesses a property.
Holdover tenant
After a lease has expired, a tenant who stays in possession of the rented property.
Homeowner's association
A subdivision or condominium property forms an organisation to enforce deed restrictions and maintain shared components.
Homestead exemption
A decrease in assessed property value on one's primary house is permitted in some jurisdictions.
Horizontal property laws
A law that permits condominium property ownership.
Housing and Urban Development (HUD)
A federal agency established in 1965 to aid in the construction of housing in the United States.
Housing codes
Local governments create codes that provide minimum home safety and sanitary requirements.
Housing starts
The total number of house permits issued in a certain location over a given period of time.
HVAC
Heating, ventilation, and air conditioning is abbreviated as HVAC.
Hybrid REIT
A property investment trust that buys and sells both real estate and mortgages.
