If you檙e still wondering 淲hat is a subdivision in real estate??the short answer is that it isa parcel of land that can be further split into smaller subunits. These subunits are known as lots. A subdivision is typically purchased by a developer who then divides it into lots and builds on them.
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What is subdivision of property?
Subdivision of property refers to a process of taking one piece of property and dividing it into several. It’s a fairly commonly used practice in real estate development, where a developer will buy one large tract of land and divide it into multiple ones, each containing a house, business space or condominium unit.
What is the subdivision development process in real estate?
The subdivision development process is regulated by local governments, so you generally need to work closely with your municipality if you’re looking to subdivide your land. Subdivision means taking one legal unit of real estate and converting it into multiple independent properties.
How do I subdivide my property?
Subdivision ordinances have both procedural and substantive requirements for how to subdivide your property. Most likely, your local subdivision ordnance will require that you submit a preliminary application for subdivision approval.
How are subdivisions bought and sold?
The land is usually bought by a developer who will sell lots to other builders or build on the lots themself. Some subdivisions have a homeowners association, and others do not. Subdivisions are governed by local zoning laws, which will dictate the size of the lots.