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.
*Variance: permission granted by a zoning authority to a property owner to allow for a specified violation of the zoning requirements. Variances are generally granted when compliance is impossible without rendering the property virtually unusable.
Example: Sherman owns a lot that is zoned for low-density housing. Because of the peculiar shape and topography of the lot, Sherman cannot build a home with the required minimum floor area without violating the setback requirements for the area. Sherman may be granted a variance to either construct a smaller dwelling or encroach on the setback line.
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*Barron's Real Estate Guides; Dictionary of Real Estate Terms