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H

Hazard insurance	Insurance protection for specified losses due to natural causes, such as fire, floods, earthquake, tornadoes, and other "acts of God"
Heir	An individual who will potentially inherit an interest in land from someone who dies
Hiatus	A gap or space between two parcels of lands that is not included in the legal description of either parcel
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
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
Homestead	Real estate that is owned and utilized as the primary family residence, protected in some states as exempt from the claims of creditors
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
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
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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Julie Corbo Broker / Associate Keller Williams Realty NJ Metro Group Montclair, NJ 07042 Office: (973) 783-7400 Cell: (973) 650-6189 Fax: (973) 509-0918 juliecorbo@NUMBER1EXPERT.Com julie@juliecorbo.com As a realtor, I am a consistent high-producing, service-oriented, full-time professional, passionate and focused in the details of all my transactions. Having lived in the Montclair area for over 20 years, I have the expertise in guiding BUYERS through each community and matching their lifestyles where they best fit. For SELLERS, my negotiating skills, sharpened and refined by 20 years of global travel and international media sales - negotiating agreements in a multi-cultural environment - makes me an ideal Listing Agent assisting my Sellers to create an environment to bring in the most buyers, manage multiple offers, negotiate the highest price, and similarly, take each transaction smoothly to the closing table. www.MontclairDreamHome.com is brought to you by Julie Corbo NUMBER1EXPERT™ in real estate for Montclair, Glen Ridge and Bloomfield, New Jersey Read Julie Corbo's Privacy Guarantee, Terms of Service, and Free & Without Obligation Pledge

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