• HOA – see Homeowners Association (HOA)
  • HOA Special Assessment – an HOA special assessment is a fee that is charged to each housing unit within a development, to be used to cover an unexpected expense or other short-term occurrences. Special assessments are charged separately from your HOA fees and they usually arise due to a shortfall in the reserves of the HOA.
  • HOA Resale Certificate – an HOA resale certificate is a financial overview of the Homeowners Association (HOA), including the seller’s current standing with the association. It includes, but not limited to:

— Article of Incorporation
— Condo Declaration
— By Laws
— Budgets
— Meeting Minutes
— Reserve Study
— Year-Ed Financials
— Rules & Regulations

  • HELOC – see Home Equity Line of Credit (HELOC)
  • Home Equity Line of Credit (HELOC) – is a line of credit secured by your home that gives you a revolving credit line to use for large expenses or to consolidate higher-interest rate debt on other loans.  A HELOC often has a lower interest rate then credit cards.
  • Home Insurance or Homeowner Hazard Insurance – is a property insurance that covers losses and damages to an individual’s house and personal property in the home. Homeowners insurance also provides liability coverage against accidents in the home or on the property. 
  • Home Inspection – is a limited, non-invasive examination of the condition of a home, often in connection with the sale of that home. Home inspections are usually conducted by a licensed, bonded and insured home inspector who has the training and certifications to perform such inspections. The inspector prepares and delivers to the client a written report of findings (Home Inspection Report). The client then uses the knowledge gained to make informed decisions about their pending real estate purchase. Home inspection costs from $400-$800, based on the house size. Based on the house age, location, etc. more inspections might be required: sewer scope, septic inspection, well inspection, etc. Also see Pre-Inspection and Pre-Listing-Inspection.
  • Homeowners Association (HOA) – a homeowners association (HOA) is an organization in a subdivision, planned community or condominium that makes and enforces rules for the properties and their residents. Those who purchase property within an HOA’s jurisdiction automatically become members and are required to pay dues, known as HOA fees.
  • HUD — see U.S. Department of Housing and Urban Development (HUD)