Homeowners’ associations (HOAs) are the governing body of many common interest communities (CIC), such as subdivisions, who manage the common areas and interests of the community. When a person buys property in a CIC, there is a legal...
housing
Homestead Act
The Homestead Act of 1862, signed into law by President Abraham Lincoln, gave all citizens who were heads of a family or 21 years old the ability to claim 160 acres of land in the “unsettled” West. If they lived on the...
house closing
A house closing is the final step of a real estate transaction. House closing is the step in which the final transfer of the ownership of a house from the seller to the buyer, which occurs after both have met all the terms of their contract...
household
A household can be defined as those who dwell under the same residential roof and compose a family. A household is distinct and should be distinguished from a family because a household does not need to have the same financial, emotional,...
Housing and Urban Development (HUD)
The Department of Housing and Urban Development (HUD) is the primary federal agency responsible for promoting affordable housing among lower and middle income families as well as enforcing fair housing standards. Most federal programs for...
HUD
The Department of Housing and Urban Development (HUD) is the primary federal agency responsible for promoting affordable housing among lower and middle income families as well as enforcing fair housing standards. Most federal programs for...
HUD-1
HUD-1 is a standard form that closing agents give to mortgage loan borrowers on the date the real estate purchase closes, detailing all the costs associated with the closing. These costs include not only those arising from the loan itself...
impairs an exemption
Impairment of exemption occurs when a lien, in combination with other liens and the amount a debtor may claim as exempt, exceeds the value of property.
For example, if a debtor's home is worth $200,000; the debtor is...
improvement
In property and real estate law, an improvement is any positive permanent change to land that augments the property’s value. An improvement will cause positive change to the land, increase the value, and will allow the landowner to make...
in lieu
In lieu means “instead of” or “in the place of.” For example, a deed in lieu of foreclosure is a deed to a house offered to the lender by the homeowner so that the lender will not foreclose.
[Last updated in April of 2022 by the...