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| | Canadian Real Estate / Mortgage Glossary : H| Results found: 21 | Page: 1 of 2 |
Half-bath
A room that contains a toilet and sink, but no tub or shower.
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Hazard Insurance
Insurance coverage that compensates for physical damage to a property from natural disasters such as fire or other hazards. Depending where a piece of property is located, lenders may also require flood insurance or policies covering windstorms (hurricanes) or earthquakes.
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Hectare
An area equal to 100 meters by 100 meters
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Historic Preservation
A movement to protect buildings with historic value from destruction or extensive renovation.
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Historic Structure
A building recognized by the Canadian Government as a historical building and is registered
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Hold Back
An amount of money withheld by the lender during the progress of construction of a house to ensure that construction is satisfactory at every stage. The amount of hold-back is generally equivalent to the estimated cost to complete construction.
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Holding Period
The length of time a capital asset is owned. Assets held 12 months or less are short-term; those owned more than 12 months are long-term properties.
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Home Banking
A way to access bank accounts by phone. Typically customers can transfer funds, pay bills and make account inquiries.
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Home Equity
The part of a home's value that the mortgage borrower owns outright; the difference between the fair market value of the home and the principal balances of all mortgage loans.
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Home Equity Debt
Debt secured by your home.
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Home Equity Line of Credit
An open-ended loan, paid as revolving debt, that is backed by the equity in the property or home.
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Home Equity Loan
A loan that can replace or be an addition to the first mortgage. Typically used as a home improvement loan.
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Home Inspection
A thorough examination of a house's visible structural parts and systems, conducted before purchase.
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Home Office
A part of your home or other structure on your property for which you qualify to take a deduction for its business use.
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Home Warranty
A policy that guarantees workmanship on construction of a home and functionality of some appliances, and which pays for repairs for a specified period.
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Homeowner's Association
An elected group that governs a subdivision or planned community. It collects fees from owners to maintain common areas and enforce covenants, conditions and restrictions set by the developer and the association itself.
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Homeowner's Insurance
A policy that includes hazard coverage, covering loss or damage to property, as well as coverage for personal liability and theft.
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Homeowner's Insurance Binder
A document accompanying a homeowner's insurance policy. Its sole purpose is to verify that the homeowner's property is, in fact, properly insured.
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Homeowner's Warranty
A policy that guarantees workmanship on construction of a home and functionality of some appliances, and which pays for repairs for a specified period.
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Household Income
The total income of all members of a household.
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