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A partition is a term used in the law of real property to describe an act, by a court order or otherwise, to divide up a concurrent estate into separate portions representing the proportionate interests of the owners of property. [1]
Nonconforming use in urban planning the use of land that was authorised at the time the use was created but is no longer allowed due to changes made to the zoning restrictions after that time. [1] Secondary suites are commonly permitted as a non-conforming use in the zoning district they are located in because the suite was developed prior to ...
Assessed value: The value of real estate property as determined by an assessor, typically from the county. "As-is": A contract or listing clause stating that the seller will not repair or correct ...
Often, a mortgage is considered non-conforming because it's for an amount higher than the conforming loan limit ($766,550 for most mortgages in 2024), also known as a jumbo loan.
Gaps and gores are portions of land areas that do not conform to boundaries found in cadastre and other land surveys based upon imprecise measurements and other ambiguities of metes and bounds. A gap, also known as a hiatus , occurs where the descriptions in deeds describing adjacent properties (unintentionally) overlook a space or "gap ...
Conforming vs. non-conforming loans. ... Lenders can now get a lot of information directly from banks and the IRS, but it’s still a good idea to have documents like payroll stubs, bank ...
A residential cluster development, or open space development, is the grouping of residential properties on a development site to use the extra land as open space, recreation or agriculture. It is increasingly becoming popular in subdivision development because it allows the developer to spend much less on land and obtain much the same price per ...
In many cases, non-conforming loans can be funded by hard money lenders, or private institutions/money. A large portion of real-estate loans are qualified as non-conforming because either the borrower's financial status or the property type does not meet bank guidelines. Non-conforming loans can be either Alt-A or subprime loans.