A Bill of Assurance is a legal document containing a collection of restrictive covenants that apply to a group of contiguous lots, ensuring specific standards and regulations for development and property use.
A blanket mortgage is a single mortgage that covers more than one parcel of real estate, often used by developers to finance multiple properties under a single loan.
A cul-de-sac is a street with an intersection at one end and a rounded, closed turning area at the other, often valued in residential subdivisions for the privacy and limited traffic it provides.
The lot and block survey system is commonly used in urban and suburban areas where parcels of land are divided into subdivisions. This system helps in the precise identification and location of property within a subdivision, facilitating land sales, property taxes, and real estate transactions.
A Mobile Home Park is a subdivision of plots designed for the siting of mobile homes. Plots are typically leased to mobile home owners and include utilities, parking space, and access to utility roads. Many parks also offer amenities such as swimming pools and clubhouses.
Expenditures related to construction that are spent away from the place of construction. Off-site costs can include expenses associated with extending utilities and infrastructure needed to service a development project.
The Office of Interstate Land Sales Registration (OILSR) is a division of the U.S. Department of Housing and Urban Development that regulates the offering of land for sale across state lines, ensuring transparency and protecting consumers.
A Property Report is a mandatory document for the sale of subdivisions of 50 lots or more, as required by the Interstate Land Sales Full Disclosure Act (ILSA). This report must be filed with the Office of Interstate Land Sales Registration (OILSR) under the U.S. Department of Housing and Urban Development (HUD).
Statutory Dedication refers to the formal process where property owners, such as developers of subdivisions, dedicate parts of their property, like streets, to public use by filing a plat.
