Abrogate in real estate refers to the act of abolishing, withdrawing, canceling, retracting, revoking, or repealing certain laws, provisions, or regulations that govern property, land use, or zoning.
The Absorption Rate is an estimate of the expected annual sales or new occupancy of a particular type of land use, providing a measurement of how quickly available real estate inventory is being sold or leased.
An affirmative easement is a legal right that allows someone to use another person's property for a specific, active purpose. This type of easement benefits the party receiving the easement by granting them the ability to utilize the land in a way that they would not be able to otherwise.
An appurtenance refers to anything adjacent or pertinent to a piece of property, enhancing its use and contributing to its greater enjoyment, such as easements, rights-of-way, or parking spaces.
Arable land refers to land that is suitable for cultivation and farming. This land typically has rich soil and an appropriate climate for growing crops.
A boundary, often referred to as a property line, defines the physical extent of a parcel of land, delineating ownership and legal rights. They are crucial for determining land use, development, and resolving disputes.
A buffer zone is a designated area used as a transitional space between two distinct land uses. This zone helps reduce the potential conflicts and impacts between differing land uses by providing a physical and sometimes functional separation.
Colonias are rural community settlements in the United States, particularly in the border regions of Texas, New Mexico, Arizona, and California, characterized often by substandard infrastructure and housing conditions.
A comprehensive plan is a set of guidelines developed, mapped, and adopted by a local government to steer public policy towards future development within the jurisdiction. It encompasses various aspects such as transportation, utilities, land use, recreation, and public services.
A Conditional Use Permit (CUP) is a specialized form of zoning variance that allows a property owner to use their land in a way that is not typically permitted under the current zoning laws.
A corridor in real estate refers to a long, narrow strip of land dedicated to a specific purpose such as transportation routes, utility lines, or communication cables. The use of corridors is critical in infrastructure development, providing a streamlined and organized space for essential services.
A covenant is a legally-binding promise incorporated into deeds and other official instruments, stipulating the performance or non-performance of specific acts or the restriction or enforcement of certain property uses.
A 'Covenant Running With The Land' is a legal stipulation imposed on property that binds current and future owners to adhere to specified restrictions or obligations. These covenants are usually included in property deeds and remain in effect even as the land changes ownership.
Cropland is property devoted to growing annual agricultural products. It is distinct from pasture and grazing land or range land. Cropland is eligible for agricultural use exemptions under specific conditions.
Cumulative zoning is a type of zoning ordinance that permits lighter or less intense uses within areas designated for heavier or more intense uses. This can foster a mix of density and usage, potentially allowing for greater flexibility in urban planning and development.
A deed restriction is a clause in a deed that may be inserted by a seller to limit the use of land, often to maintain property values or adhere to specific community standards.
Density zoning refers to laws that regulate the number of structures or occupants permitted per unit of land area, aiming to control land use intensity, promote sustainable development, and manage population density.
Development refers to the process of adding improvements to a parcel of land, which can include drainage, utilities, subdividing, access, and buildings. It encompasses all activities from the preparation of detailed plans to securing government permits and the actual construction.
A dominant tenement refers to a parcel of land that benefits from an easement on an adjacent or nearby property, known as the servient tenement, allowing specific uses such as access or utilities.
Downzoning involves changing the zoning classification of a tract of land to a less intensive use than currently permitted. It can affect the owner's investment-backed expectations and may raise compensation issues.
An easement by prescription is a type of easement that is acquired through continuous and open use of another's property for a specific duration, as defined by state law, without the property owner's permission.
An easement in gross is a type of easement that grants an individual or entity the right to use another person's land for a specific, limited purpose. This right is not tied to owning any parcel of property and usually terminates upon the grantee's death.
A negative easement is the right to prevent the owner of a property from using it for specific purposes. This is in contrast to an affirmative easement, which allows the holder to make use of the property for a specified purpose.
Ekistics is the scientific study of human settlements, including city growth, planning, and design. It involves analyzing how people utilize and organize spaces in urban and rural environments.
Evaluation in real estate involves a detailed study of the potential uses of a property, but it does not focus on determining the present value. It includes analyses such as market trends, feasibility studies, highest and best use assessments, and base land use.
Financial feasibility assesses whether a proposed land use or change in land use can economically justify itself. This evaluation is a crucial aspect of determining the highest and best use of the land but does not alone determine the optimal land use.
The Floor-Area Ratio (FAR) is a measure of building density that assesses the total floor area of a building in relation to the size of its land parcel. It is commonly used in urban planning to control the massing of buildings and to ensure appropriate land use.
A greenbelt is an area of open land retained in its natural state around a residential area, intended to provide open space, recreation opportunities, and a buffer against urban sprawl.
Highest and Best Use (HBU) is a real estate appraisal term that represents the legally, financially, and physically feasible use that, at the time of appraisal, is expected to produce the highest net return to the land and/or buildings over a given period of time. This concept can be applied whether the property is vacant or already developed.
In-Fill Development refers to the process of developing vacant or underutilized land within existing urban areas that are already largely developed. This type of development is a strategy to manage urban growth without extending urban boundaries.
An incumbrance (or encumbrance) is a claim, lien, charge, or liability attached to and binding real property. These claims often affect the property's use, transferability, or value.
Land economics is a branch of economics that studies the allocation, use, and value of land. This field aims to understand how land resources are utilized, valued, and managed, with a special focus on agriculture and urban development. It integrates knowledge from geography, environmental studies, and economic theory to analyze land-related issues.
The term 'linkage' in real estate refers to the physical or economic connection, often pertaining to the time and distance between a land use and support facilities, or between people and their activities. Successful linkage leads to enhanced property value and better quality of life for residents.
A master plan is a comprehensive document encompassing the development concept for an area or project. This document includes narrative and maps that detail the current and future use of the land. It is often prepared by local governments to guide overall development or by developers for specific projects.
Mineral rights are the privileges granted to individuals or entities regarding the extraction and sale of minerals found on or beneath a piece of land. These rights are separate from surface and air rights.
Minimum lot size or minimum lot area refers to the smallest parcel of land allowed for development as per zoning regulations. This concept ensures proper land use and community planning.
A mixed-use property combines different types of land uses, such as residential, commercial, and industrial, into one cohesive development. This approach aims to create synergies between the various uses to enhance the overall functionality and convenience of the site.
Necessity, often referred to as Public Purpose, encompasses the concept that certain conditions justify governmental actions, such as expropriations, to serve the broader needs of the community.
A neighborhood is a district or locality characterized by similar or compatible land uses. They often have identifiable place names and boundaries composed of major streets, barriers, or abrupt changes in land use.
Nonconforming land use refers to a property use that does not comply with current zoning laws but is allowed to continue because its use began before the zoning restrictions were enacted or changed.
A nuisance refers to a land use or activity that is incompatible with surrounding land uses, potentially affecting the enjoyment or value of nearby properties. Zoning laws and private deed restrictions are utilized to control and prevent such nuisances.
Open Space refers to land within a developed area that remains undeveloped and serves as an amenity to surrounding occupants.
Overimprovement occurs when a property is improved to a level that it exceeds the optimal economic use for that particular property, resulting in a value that is not supported by the surrounding community or comparable properties.
Permeability refers to the ability of soil or other substrates to allow liquids and gases to pass through them. It's a key factor in determining soil's capacity to support different types of land uses, particularly in terms of drainage and agriculture.
Plottage value refers to the increased value that results when multiple smaller adjacent plots of land are combined into a single larger plot. This increase in value is due to the greater potential utility and development options that the larger plot offers compared to the individual smaller plots.
Possession in real estate refers to the holding, control, or custody of property for one’s use, either as the owner or as a person with another legal right to the property. Possession can vary based on the extent and legality of the occupier's claim or usage.
Preexisting Use refers to properties or structures whose existing use does not align with current zoning regulations but were legally established under previous zoning rules.
Prescription is the process by which certain rights are acquired through long-term, continuous, and open use of a property, particularly in cases of adverse possession. This legal doctrine allows an individual to gain a right or an easement after meeting specific statutory requirements.
A preservation district is a zoning designation covering environmentally sensitive areas, parkland, scenic areas, or historic districts, imposing strict limitations on land use to maintain the essential character of these sites.
A Reciprocal Easement Agreement (REA) is a legal contract between owners of adjacent parcels of land, allowing the mutual use of both parcels for specified purposes such as access, parking, and utilities. REAs are commonly used in commercial developments to ensure seamless operation and movement between different parts of a property.
Reclamation refers to the process of converting land from an unusable or undevelopable state into a usable or developable state. It contrasts with Mitigation Land Bank.
Redevelopment involves the demolition of existing improvements and the construction of new improvements on a site. The new improvements often differ from the old ones in various aspects...
A remnant parcel is an uneconomic remainder of land left after a larger parcel has been sold or developed. Typically, this piece of land is too small or oddly shaped to be of significant commercial value on its own.
Restrictions are limitations placed upon the use of property, typically contained in the deed, other written instruments in the chain of title, or in local ordinances pertaining to land use.
A restrictive covenant is a binding legal obligation written into the deed of a property by the seller that restricts the way the property can be used by the buyer. It usually aims to uphold specific standards or maintain the character of a community.
The right-of-way is a legal right granting passage over another person's property. This term is often associated with easements and is crucial in the context of property development, infrastructure projects, and urban planning.
The right-of-way (R/W) in real estate terms refers to the legal right, established by usage or grant, to pass along a specific route through grounds or property belonging to another.
Riparian rights pertain to the use of water on, under, or adjacent to one's land. These rights may be qualified to avoid nuisance and pollution and are typically recognized in most eastern states, unlike in western regions, which often acknowledge usufructuary rights.
Run with the Land is a legal term referring to rights or restrictions that extend to all current and future owners of a piece of property. These rights or restrictions are usually referenced in the property's deed.
In real estate law, a servient tenement refers to a property that bears the burden of an easement. Essentially, it is the land over which an easement exists and through which another property, known as the dominant tenement, benefits.
Siting refers to the strategic placement and orientation of a building or other structure within a specific plot of land, taking into consideration aspects like elevation, orientation, and views for maximizing environmental benefits and usability.
A Special Use Permit, also known as a Conditional Use Permit, is a right granted by a local zoning authority to conduct specific activities within a zoned district. These activities are conditional uses permitted within the zone only upon special approval from the zoning authority.
A Specific Use Permit (SUP) allows certain uses of property that would not be otherwise permitted under the zoning regulations of a particular area, provided certain conditions are met. It requires a detailed review process to ensure compatibility with surrounding land uses.
Speculation in real estate refers to investment decisions made based on predictions about the future value of property. This can involve acquiring property with the expectation of selling it off at a higher price after a favorable market change or development.
Spot Zoning refers to the act of rezoning a specific parcel of land to a use that differs from the zoning classification of its surrounding area. This practice is often scrutinized for creating inconsistencies in land use and is generally disallowed by courts.
Subdividing involves dividing a tract of land into smaller individual lots, which can then be sold separately or developed. The process of subdividing land typically involves planning, land surveying, zoning considerations, and obtaining the necessary permits.
Subdivision regulations are government rules that set standards for the design of residential subdivisions within a jurisdiction, determining aspects such as access roads, open space, and public dedications.
Surface rights refer to the legal rights associated with the surface area of a piece of real estate. These rights are often distinct from underground (mineral rights) or above-ground (air rights) entitlements.
Surplus land is a portion of a parcel that exceeds the area required to support the current highest and best use of the property, but holds no separate value apart from the main parcel.
Tacking, in the context of real estate, refers to the process of adding successive periods of possession together to establish a continuous period required for a claim of adverse possession.
A Transfer of Development Rights (TDR) is a zoning ordinance mechanism that allows property owners in low-density or conservation areas to sell their development rights to other property owners. This system supports low-density development, such as historic preservation or open space conservation, while permitting higher density developments elsewhere, effectively balancing real estate utilization.
The Urban Land Institute (ULI) is a global research and education organization that aims to provide leadership in responsible land use and the creation of sustainable communities.
The Urban Land Institute (ULI) is a nonprofit organization that provides leadership in the responsible use of land and in creating and sustaining thriving communities worldwide.
Vacant land refers to parcels of land that are not currently being used for any purpose. While it may contain basic utilities and some off-site improvements, it remains unutilized as opposed to developed land.
A zoning variance is permission granted by a zoning authority to a property owner to allow for a specified violation of zoning requirements, typically granted when compliance is impossible without rendering the property virtually unusable.
A zone refers to an area designated by local government regulations for a specific use, subject to certain restrictions or conditions. These uses can range from commercial to various types of residential applications.
Zoning is a legal mechanism used by local governments to regulate the use of privately owned real property through specific applications of police power. It aims to prevent conflicting land uses and promote orderly development by designating zones that limit the type and intensity of development permitted within their jurisdiction.
A Zoning Map is an official municipal or local government document used to define how different parcels of land within a jurisdiction can be used, including specifications for residential, commercial, industrial, and other uses.
