Everything You Need to Know About Subdividing Your Land
What is a Subdivision?
Subdivision means the division of a lot, tract, or parcel of land into two or more lots for the purpose of sale or of building another house/development.
Why Subdivide?
The main reason people subdivide their land is to sell off a portion of it or build for a family member to stay close by.
How to Subdivide
There are no standard legal subdivision rules or laws across the United States. If you are thinking of subdividing land, you are going to have to look into your local rules to find out what that definition entails.
There are two things you want to check. One is zoning, and the other is subdivision regulations. Your area may or may not have these regulations, or they may be called something completely different. No matter what they are called, these regulations are specifically designed to regulate the subdivision of land.
In older days it was as easy as finding out the legal description of the property and recording it at the court house. Nowadays you have to check the zoning ordinance for the minimum lot size. If the land you want to subdivide is zoned for one acre minimum lots, you are not going to be able to subdivide into 10,000-square-foot lots.
If the zoning permits it then check for subdivision regulations. These regulations will spell out the legal requirements to subdivide your land.
Most likely you will need a current survey of the property or a plat map which shows how the various lots or tracts you propose, along with any streets and utilities, meet the requirements of the local jurisdiction.
This plat is often reviewed and approved by local planning staff and an appointed planning commission. Once your plat is approved and recorded at the local courthouse, then you can write deeds and sell of the new tracts. The whole process can take anywhere from a few weeks to years depending on the jurisdiction, their regulations and the complexity of your subdivision.
Simple two lot divisions in an urban area can often be handled quickly and easily, but building roads or trying to make dozens of lots will require a lot of professional and technical help. A rural area
With no public sewer and water will need a perk test. A 100 acre area can sometimes need up to 200 perk tests to find a suitable sewer hookup.
Your comments and views are appreciated as always..
Broker Price Opinion
A Broker Price Opinion (BPO) is sought by an asset manager or a representative of a bank or financial service organization when they want to place a monetary value on their real estate portfolio. It is similar to a comparative market analysis a real estate agent does for home owners when they are selling their house.
When doing a BPO a real estate agent compares the livable square footage of the structure, the condition, and the amenities to other similar properties within close proximity to the subject property. It also includes estimates for interior or exterior repairs, if needed, and the timeframe required to sell a like-kind property. It includes multiple pictures of the subject and the street on which it is located, as well as the pictures of all the comparative properties.
A servicer can use this data to get the market value of the property which they can use to refinance(although not legal), sell, list the property as an REO, process a foreclosure, or trade the property with other banks or entities.
This process is similar to what an appraiser does when you are buying a house and when your bank orders an appraisal. It is much quicker and less expensive for the bank to use a BPO vs an appraisal.
Real estate agents see a flood of BPO orders when the market goes south and foreclosures are on the rise. They work with multiple servicers who need BPOs completed within 24-48 hours and the ones who do a good job and give timely reports are preferred by the asset managers who in turn reward them by giving them all their REO listings.
LEHIGH Ave, Avenel, NJ 07001
$184,500
Year built 1943.
1108 Sqft, Lot size: 0.11 acres
3 bed 1 bath home in Avenel, NJ. Full Basement, Partially finished. More information..
http://spectrumrealestategroup.com/invest/
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3 bedroom, 2.5 Bath Rent $2,500/month. Rent is not negotiable.
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income verification and background check.
Application link is below. Application fee $35. Call 848-391-7152 for Qs.
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