Dictionary

Definition:   A writ granted by a court of equity whereby one is required to do or to refraim from doing a specified act. Pronunciation:   \in-ˈjəŋ(k)-shən\ Used in a Sentence:   An injunction was issued against the homeowner for violations of the HOA rules.

Definition:   To pledge real or personal property as security without delivery of title or possession. Pronunciation:  \hi-ˈpä-thə-ˌkāt, hī-\ Used in a Sentence:   The lender required the buyers to hypothecate the property as security for repayment of their loan.

Definition:  A booklet containing consumer information regarding closing costs the borrower may incur at closing.  RESPA requires lenders to give the booklet to loan applicants. Pronunciation: Used in a Sentence:  We were given our settlement cost booklet before the closing so we knew what costs we could expect to pay.

Definition:   One individual or a group of individuals, living in one dwelling. Pronunciation:  \ˈhau̇s-ˌhōld, ˈhau̇-ˌsōld\ Used in a Sentence:   There are three people in our household.

Definition:  A term used to describe three separate but related situations: 1) a tax exemption, 2) a tract of land limited in size, and 3) a statutory condition designed to protect the interests of a spouse and lineal descendants. Pronunciation:  \ˈhōm-ˌsted, -stid\ Used in a Sentence:    Since we had a homestead exemption on our house we were able to reduce the amount of property taxes owed.

Definition:   A mortgage secured by a personal residence.  It provides a line of credit available for draws when needed by the homeowner. Pronunciation:   \ˈe-kwə-tē\ Used in a Sentence:   We took out a home equity loan to pay for the kitchen remodel.

Definition:  A pitched roof with sloping sides and ends. Pronunciation: Used in a Sentence:   The house was designed with a hip roof.

Definition:    An appraisal term that focuses on the most profitable legal use to which a property can be put. Pronunciation: Used in a Sentence:   The vacant lot located in a business district was not employing it’s highest and best use.

Definition:  Local codes that regulate maintenance and sanitation of public places. Pronunciation:  \ˈhelth\ \ˈȯrd-nən(t)s, ˈȯr-də-nən(t)s\ Used in a Sentence:   The health ordinance mandated the park have public restroom facilities.