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|Real Estate Glossary – Real Estate Terms|
Real Estate Topics that Starts with H
Habitability is said to be the right of a tenant or it is a legal doctrine. Means it is a warranty or a contract on the particular real estate. The warranty of Habitability is provided to the real estate if and only:
In some metropolitan cities like Ahmedabad, high rise apartments are most common which refers to a building higher than 25 stories above ground level. But in some areas it is generally referred to buildings higher than 7 or 8 stories. These buildings consists of all the modern, luxurious facilities and commodities including swimming pools, schools, super markets, high speed elevators, gymnasium, science parks, playgrounds etc. Some comprises of theatres, natural spa clinics and hotels also. All these commodities are arranged with in the compound to create their own closed environment.
Housing tenure refers to the financial arrangements under which someone has the right to live in a house or apartment. The most frequent forms are tenancy, in which rent is paid to a landlord. Mixed forms of tenure are also possible.
The basic forms of tenure can be subdivided, for example a real estate owner may own a house outright, or it may be mortgaged. In the case of tenancy, the landlord may be a private individual, a non profit organization such as a housing association or a government body as in public housing.
Types of Housing Tenure
Home equity is nothing but the value of the owner’s unencumbered interest in the property when compared to the actual market value with the balance of the mortgage loan and the outstanding debt. Equity increases as the mortgage is paid and so that the owner can enjoy the appreciation. This is also called as real property value.
Home Equity Loan
Loan in which the borrower uses the equity of his home as a guarantee is called as home equity loan. Home equity loan is helpful for some major repairs of the house, children education and many other purposes.
There are two types of home equity loans:
Open Equity Loan
This is also said to be “Home Equity Line of Credit”. In this type of loan the borrower can choose how often to borrow against the equity of a real estate property but depends on the lender who sets an initial limit of the loan basing on the equity of a real estate property, the income of the borrower and such other things.
Closed Equity Loan
In this type of loan, the borrower receives a lump sum of amount at the time of closing and from that point he cannot borrow further. The maximum amount of loan will depends on the credit history, equity of the property, income of the borrower and the appraisal value of the real estate property.