At Equity Real Estate we know that real estate terms can sometimes be confusing. We are going to share with you some common real estate terms and their meanings to help give you a greater understanding when you are trying to buy or sell a home.

*Zoning: a legal mechanism for local governments to regulate the use of privately owned real property by specific application of police power to prevent conflicting land uses and promote orderly development.  All privately owned land within the jurisdiction is placed within designated zones that limit the type and intensity of development permitted. See zone.

Example:  Before a tract of land may be developed, the intended use must be permitted under the existing zone classification. If the proposed use is not permitted, the developer must apply for an amendment to the zoning ordinance, or for rezoning. Such amendments are granted by the local governing body, generally following a public hearing and recommendation from the planning commission.

 

At Equity Real Estate we are here to help you navigate the home buying and selling process. Give us a call with any questions!

 

*Barron's Real Estate Guides; Dictionary of Real Estate Terms