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| Habendum Clause | That part of the deed beginning with the words "to have and to hold," following the granting clause and reaffirming the extent of ownership that the grantor is transferring. |
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| Habitable | Being fit to live in. The residential landlord has an obligation to keep the leased premises in a habitable condition. Handling all telephone calls and office visitors for a specified period of time. |
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| Hard Cost | The cost of actually constructing the improvements (i.e. construction costs). See also “Soft Cost”. |
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| Heir | A person who inherits under a will or a person who succeeds to property by the laws of descent if the decedent dies without a will (intestate). |
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| High Rise | In the Central Business District, this could mean a building higher than 25 stories above ground level but in suburban sub-markets, it generally refers to buildings higher than 7 or 8 stories. |
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| Highest and Best Use | The use of land or buildings which will bring the greatest economic return over a given time which is physically possible, appropriately supported, financially feasible. |
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| Hold Harmless Clause | A clause inserted in a contract whereby one party agrees to indemnify and protect the other party from any injuries or lawsuits arising out of the particular transaction. |
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| Holding Over Tenant | A situation whereby a tenant is still occupying the space after their lease has expired. It can occur with or without the landlords consent. Often, hold over periods are pre-stated in the lease, and the tenant will incur a rent increase (i.e. 125% of current rate) until they vacate or renegotiate the lease. |
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| Homeowner?s Association | A non-profit association of homeowners organized pursuant to a declaration of restrictions or protective covenants for a subdivision, a PUD, or a condominium. |
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| Homestead | A home which is used as a personal residence. |
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| Hotel | A building or group of attached or detached buildings containing dwelling or lodging units in which 50 percent or more of the units are lodging units, usually distinguished by a front desk, dining and other common facilities. |
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| House Rules | Rules of conduct adopted by a board of directors of a condominium and designed to promote harmonious living among the owners and occupants. |
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| HUD | A federal cabinet department officially known as the Department of Housing and Urban Development. |
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| HVAC | The acronym for “Heating, Ventilating and Air-Conditioning”. |
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| Hypothecate | To pledge specific real or personal property as security for an obligation, without surrendering possession of it. |
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