C.C. & R'S
Abbreviation for declaration of conditions, covenants and restrictions document. A legal document typically recorded by the subdivision developer concurrently with the subdivision plat map. Lists the express assurance and limitation on land binding on all current and subsequent owners.
A map displaying property ownership boundaries, dimensions, and other useful information, such as parcel identification numbers.
The ratio between net income and value. The current value of a property can be estimated by dividing its current or stabilized net income by the appropriate capitalization rate.
Capitalized Leased Equipment
Items of equipment whose acquisition was funded on a lease contract, and the title of which will goto the purchaser with the final payment.
Rental income remaining after deducting for operating expenses and debt service.
Casual Use Property
Common area property with a minimum of facilities used exclusively by project residents, their families and invited guests without restriction, subject to rules as established by the homeowner organization board of director, and at no additional cost or fee. No commercial uses or paid staff to coordinate activities are present in this type property. A professional management company or other services may be hired to maintain and repair said property.
Is the Construction Class Indicator and generally describes the building's construction. Class A = structural steel frame; Class B = reinforced concrete frame; Class C = concrete load bearing walls; Class D = wood or steel stud bearing walls; Class S = pre-engineered steel buildings.
The tendency of the social and economic forces affecting supply and demand to alter over time, thus influencing market value.
The full name of the second owner of the parcel of property (e.g. Jane H. Doe).
Coefficient of Dispersion
A statistical measure of assessment uniformity for a category of property or for all property within a taxing jurisdiction. Also referred to as C.O.D.
When two or more parcels are combined into one parcel.
Land and improvements within a lot, parcel, or area for the beeficial use and enjoyment of all owners. The common area may be held by owners of lots or residential units as an undivided interest, owned in its entirety by a homeowners' association, or a combination of both.
A shortened term for similar property sales, rentals, or operating expenses used for comparison in the valuation process; also called "comps".
Comparative Unit Method
(1) The most widely used method of cost estimating. Direct and indirect costs are summed and divided by an appropriate unit to derive a cost per unit. (2) A method of appraising land parcels in which an average or typical value is estimated for each stratum of land.
In real estate, a group of buildings, site improvements, and support facilities designed to carry out related activities in a single location; e.g., apartment complex, office complex.
Ownership is mandated by statue and requires publication of a declaration creating the condominium (sometimes called a horizontal property regime). Fee tile to a condominium provides the owner with horizontal and vertical space as well as an undivided interest in other appurtenance, such as land, recreation facilities, exterior walls, roof, elevators and basements. Known as common elements. There are several types of condominiums: high-rise, walk-up, garden type, and commercial use. 1. A form of fee ownership of separate units or portions of multi-unit buildings that provides for formal filing and recording of a divided interest in real property; 2. A multi-unit structure or property in which persons hold fee simple title to individual units and an undivided interest in common areas.
The value of a property depends in part on its relationship to its surroundings. Value is created and sustained when the characteristics of a property conform to the demands of its market.
The concept that land cannot be valued on the basis of one use, while the improvements are valued on the basis of another.
Contract for Deed
A contract for sale in which the seller retains title until the buyer completes the contracted payments for the property. The sale is not recorded until title passes to the buyer. (See also Land Contract).