Real Estate Glossary Letter :  H

Real Estate Glossary Letter :  H

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HAMMER PRICE – The purchase price paid when land or goods are sold at auction.

HANDOVER – The stage in the project when the owner accepts possession of the newly built, completed house and settles the final invoice in full.

HARDWARE – Refers to all the metal fittings installed in the house during the trimming or finishing phase, such as door knobs, closet rods, towel bars, etc.

HEAD LEASE (OR MASTER LEASE) – A lease to an entity that will subsequently grant leases to sublessees who will be tenants in possession.

HEADER – A wall framing member used over a door or window opening.Header: A wall framing member used over a door or window opening.

HEARTH – The fireproof area directly in front of a fireplace, usually made of stone, brick or tile.

HECTARE – The metric measure for an area of land measuring 10,000 square metres (approximately 2.471 acres)

HERRINGBONE – A pattern of bricks or other material giving a diagonal pattern in the form of a series of vees or inverted vees.

HIP – The meeting line of two inclined surfaces.

HIP ROOF – The sloping end of a roof where the ridge line splits and terminates on the external corner.

HISTORICAL SEARCH – A chronological history of dealings as recorded on computerised titles and available from SAILIS. (See SAILIS)

HOLDING DEPOSIT – A small amount paid to the vendor’s agent, solicitor or conveyancer when making an offer on a property. This is not compulsory and is refundable if the offer is rejected.

HOME – Where the heart is! An ideal place to live by yourself, with a partner or raise a family and to enjoy your life. 

HOME EQUITY LOAN – A home equity account gives you a revolving line of credit secured by the value of your house. This allows you to use the funds for other purposes such as the purchase of a second property, shares or other investments. The interest rate is generally higher than a standard variable rate.

HONEYMOON RATE –  The Honeymoon rate or introductory rates are offered to entice borrowers with a low advertised rate for the first six to twelve months of the loan. After this, the loan automatically reverts to the Standard Variable Rate offered by that lender. Use of the ‘Comparison Rate’ to better understand the costs associated with such loans.

HOOP IRON STRAP – A strip of thin steel (usually about 25mm wide) which is usually built into brickwork or nailed to frames as a tie-down for wind.

HOUSE – A single, self-contained place of residence detached from other buildings. A house generally consists of enclosing walls with a roof to shelter occupants against both climate and intruders.

HUNDREDS – In South Australia land titles record which hundred a parcel of land is located in. Hundreds are not generally used when referring to a district and are little known by the general population, except when transferring land title. A hundred is traditionally one hundred square miles or 64,000 acres (26,000 ha), although boundaries following local topography often means this is not exact.

HVAC – An abbreviation for heat, ventilation and air conditioning

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