GLOSSARY OF REAL ESTATE TERMS

HEREDITAMENT
Any property (real or personal, tangible or intangible) that can be inherited.

HIDDEN DEFECT
An encumbrance on a title to a parcel of real property that is not apparent in the public records; for example, an unknown heir, a secret marriage or a forged deed.

HOMESTEAD
The house, outbuildings and surrounding land owned and used as a dwelling (residence) by the head of a family. A declaration of homestead as to qualifying parcel of real property effectuates a homestead exemption whereby creditors are prevented from levying against the property (up to an amount set by state statute).

HYPOTHECATE
To use property to secure a debt without giving up possession of it.