Residence property is land that has been zoned for the purpose of housing. This property may be undeveloped or already contain a housing structure. Occasionally, this land may have restraints to what types of homes may be built upon it.
One of the most important aspects of residential real estate is the type of zoning regulations placed upon the acreage. Often, residential zoning is further divided into high-density and low-density classifications. Traditional, single-family homes and solitary, modular homes are generally the only permissible residences in the low-density group. Multi-family housing developments, especially apartment complexes and mobile home communities, are often categorized as high density.
Other than zoning, problems with the sale of undeveloped residence property, or raw land, predominately involve easement rights. Most local and regional laws require that any piece of property that is zoned for residential use must have a way to be accessed. Often, that means that the owner of the property is given the right to use the property of others to travel to their own land. In addition, many times, a property owner is required to allow others to use their property. These rights must be carefully considered when first developing a residence property.
Land that already contains structures is called improved property. Although easements have already been established in most of these properties, potential buyers may find these agreements problematic. Shared driveways or walkways are the most common types of these kinds of agreements. These agreements should be specifically included in property sales contracts.
Conveyance of this type of residence property may involve several other unique considerations. In closely built housing developments, for example, the encroachment of other homes can become an issue. A seller, by law, cannot sell more land than he or she can access. If part of another home, or an attachment of that home, intrudes upon the owner's property, then precise language must be used in documents relating to the transference of that property. In the past, phrases like “more or less” have been used to describe acreage; however, legal trends seem to be moving away from such imprecise wording.
A title search is an intense investigation of the history of a residence property. The documents associated with each transference of the property are examined to discover any previous easement agreements as well as any liens or taxes that may be owed on the land. In many areas, a title search is required by law prior to the sale of any piece of real estate. Even if not required, a title search is highly recommended.
