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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" |
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Heir |
An individual who will potentially inherit an
interest in land from someone who dies |
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Hiatus |
A gap or space between two parcels of lands that
is not included in the legal description of either parcel |
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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 |
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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 |
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Homestead |
Real estate that is owned and utilized as the
primary family residence, protected in some states as exempt from the claims of
creditors |
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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 |
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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 |
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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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Did We Miss the Word YOU Are Looking For? Is there a real estate word that we failed to explain here in our dictionary for homebuyers and sellers? Let us be your personal real estate dictionary! We'll send a brief explanation of any word or term that you encounter when buying and selling property. Do you have a suggestion of a real estate word that should be included? Let us know! We always appreciate feedback. Do any of these definitions raise questions for you? Didn't find the word you're looking for? Let us know! We're happy to answer ANY questions. It's our job! There's no obligation, and we promise to get back to you quickly...
| Q |
How much does a celebrity's name boost the price of a property?
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| A |
Typically no more than 5 percent, but there are exceptions--the greater the fame, the higher the price!
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See More Real Estate Trivia > |
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Eric Burch and Ann Burch Crye-Leike Realtors, Jonesboro Branch 2907 South Caraway Jonesboro, AR 72401 Eric's Cell: 870.919.4968 Ann's Cell: 870.243.1332 Office: 870.268.4008 Fax: 870.931.1430 Main E-Mail: team@ericburch.com
The name Eric Burch is synonymous with excellence in the Jonesboro real estate market. In our first four years, we have closed over 50 million in real estate transactions. For 2009, our team was named the Top Selling Residential Team for Jonesboro. And Eric has been voted Jonesboro's Local Favorite Real Estate Agent for the third year in a row. Eric has definitely made a name for himself and his numerous awards and increasing sales numbers are proof that he and his team are willing to go that extra mile for their clients. With The Eric Burch All Star Team you are not getting just one realtor. You are getting a whole team on your side. This team consists of four realtors, a marketing specialist and a virtual assistant. Eric's wife, Ann, is an associate broker and works as Eric's full-time assistant and closing agent. Richard Wimberley, also a licensed agent, is our buyer specialist, concentrating on the specific needs a buyer in search for a home. Shane McBride is our newest team member and is a licensed agent. Scott Throgmartin is our personal builder, working to build nice spec and custom homes. Jennifer Jones is our seller coordinator, marketing specialist and helps with listing maintenance. This team has proven success and is willing to work hard for you. Give us a call today! 


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