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Hazard Insurance - A form of insurance (known as Homeowner�s Insurance) in which the insurance company protects the insured from specified losses, such as fire, windstorm and the like.

Hereditaments - Any and all kinds of estates, interest and rights in real estate that can be inherited.

Hidden Defect - Any claim on a property that does not appear in the public records, for example, an unknown heir or an unrecorded municipal utility lien.

Homeowner's Association - An organization of homeowners living in a particular development, whose major purpose is to maintain and provide community services for the enjoyment of the residents. In real estate it is a PUD and often charges a maintenance fee for providing lawn and yard care, and maintenance of common areas in the development, such as a recreational area.

Homestead Rights (Estate) - The rights of the head of a family or the household residents in real estate that is owned and occupied as a residence. Some states grant statutory exemptions, protecting homestead property against the rights of creditors. Property tax exemptions for all or part of the tax) are also available in some states. Statutory requirements to establish a homestead may include a formal declaration to be recorded, or at the least to file a declaration with a government property appraiser, assessor or collector.

Housing Expenses-to-Income Ratio - The ratio, expressed as a percentage, which results when a borrower's monthly housing expenses are divided by his/her gross monthly income. See debt-to-income ratio.

HUD - U.S. Department of Housing and Urban Development. Office of Housing/Federal Housing Administration within HUD insures home mortgage loans made by lenders and sets minimum standards for such homes.