Raw land refers to undeveloped real estate that lacks utilities, structures, roads, or any improvements. It is typically purchased for future development, agricultural use, or as a long-term investment, and its value is influenced by location, zoning, and access to infrastructure.
The term ‘401-Residential Improved’ is commonly used in property assessment and real estate to categorize residential land parcels that have been developed with buildings or other structures. It distinguishes improved residential properties from vacant or unimproved land.
The mortgage acquisition date generally refers to the specific date a lender or servicer obtains ownership or servicing rights to a loan. For borrowers, this term is often confused with the closing date, though it technically pertains to institutional transfers. Understanding this date is crucial for tax reporting, servicing transitions, and regulatory compliance within the housing finance sector.
In North Carolina, a Nomap Bond is a financial guarantee required by local governments when a developer wishes to begin construction before a subdivision plat is officially recorded. It ensures that required public improvements (roads, utilities, drainage) will be completed even if the plat is never finalized.
Effective year built is an appraisal term indicating the age of a property based on its condition and utility rather than its actual construction date. It reflects updates and renovations that reduce functional obsolescence. This metric is crucial for lenders and insurers when assessing property value.
Vacant land refers to a parcel of real property that contains no buildings, structures, or significant improvements. It may be raw, undeveloped land or previously used land that has been cleared. The term is commonly used in real estate, property tax assessment, and urban planning contexts.
In real estate, ‘subject to’ refers to a transaction where a buyer acquires a property while the existing mortgage remains in the seller’s name. The buyer takes over the payment obligations without officially assuming the loan from the lender.
A basement on piers refers to a structural foundation system where vertical columns support the building load instead of continuous walls. This method is often utilized in areas with expansive soils or high flood risks to ensure stability. It differs from standard slab or full basement constructions.
Perking land is a colloquial term used in real estate and construction. It refers to the process of conducting a percolation test to assess soil absorption. This determines if the land can support a septic system.
Build-to-suit (BTS) is a commercial real estate transaction where a developer constructs a building tailored to a specific tenant’s requirements. The tenant typically signs a long-term lease before construction begins, ensuring the facility meets their exact operational needs.