Price agreed upon by seller and purchaser and for which title is exchanged.
Home rule
Power of the local government to implement its own land-use regulations.
Home warranty
Warranties issued by contractors, sellers and real estate agencies that protect homebuyers from specified defects in a house as per the contract.
Homeowners' association (hoa)
(1) Group that governs a planned community or condominium and collects monthly fees from all owners to pay for common are maintenance, to handle legal and safety issues, and to enforce the conditions and restrictions set by the developer. (2) Organization of the homeowners in a particular subdivision, planned unit development or condominium for the purpose of enforcing deed restrictions and managing the common elements of the development.
Homeowners' fee
Fee charged to homeowner to belong to a homeowners' association, which includes the cost of maintenance and other services.
Homeowners' insurance policy
Type of insurance policy covering the risks of homeowners, including damage, theft, fire, personal liability, etc.
Homeowners' policy
A multiple peril policy commonly called a "package policy." It is available to owners of private dwellings and covers the dwelling and contents in case of fire or wind damage, theft, liability for property damage, and personal liability.
Homeowners' warranty
Special insurance covering certain home repairs for a specified amount of time.
Homeowners' warranty program
Private insurance program, which protects purchasers of newly, constructed homes against structural and mechanical defects and provides reimbursement for the cost of remedying the situation, if the builder does not do so.
Homestead
Legal status provided by certain states on a homeowner's principal and in some states provides protection against creditor claims or forced land sale as long as the homeowner continues to maintain his/her residence there.
