| Abatement
|
Often
and commonly referred to as free rent or early occupancy and may
occur outside or in addition to the primary term of the lease.
|
| Absorption
|
The
rate, expressed as a percentage, at which available space in the
marketplace is leased during a predetermined period of time.
|
| Abstract
of Title |
A condensed
version of the history of title to a piece of land that lists any
transfers in ownership, as well as any liabilities attached to it,
such as mortgages.
|
| Abutting
|
The
joining, reaching or touching of adjoining land. Abutting pieces
of property have a common boundary
|
| Acceleration
clause |
A
provision in a written mortgage, note, bond or conditional sales contract
that, in the event of default, the whole amount of principal and interest
may be declared to be due and payable at once. |
| Acre
|
A
measure of land equal to 43,560 square feet. |
| Ad
Valorem |
According
to value. |
| Adjustable
Rate Mortgage (ARM) |
A
mortgage loan whose interest rate fluctuates according to the movements
of an assigned index or designated market indicator--such as the weekly
average of one-year US Treasury Bills--over the life of the loan. To
avoid constant and drastic fluctuations, ARMs typically limit how
often and by how much the interest rate can vary. |
| Adjustment
Date |
The
date on which the interest rate changes for an adjustable rate mortgage
(ARM). |
| Alienation
Clause |
A
clause in a mortgage, which gives the lender the right to call the
entire loan balance due if the property is sold, also known as a due-on-sale
clause. |
| Amortization
|
Calculation
to determine a regular-interval payment plan over time, with interest,
to pay a set sum. |
| Anchor
Tenant |
The
major or prime tenant in a shopping center, building, etc. |
| Annual
Percentage Rate (APR) |
The
actual cost of borrowing money, expressed in the form of an annual
interest rate. |
| Appraisal
|
A
determination of the value of something by a qualified, disinterested
expert. |
| Appreciation
|
An
increase in value or worth of property. |
| Asking
(list) price |
The
price placed on a property for sale. |
| Assignee
|
A
person to whom a property right is transferred. |
| Assumable
Mortgage |
An
existing mortgage that can be taken over by the buyer on the same
terms given to the original borrower. |
| Assumption
of Mortgage |
The
transfer of title to property to a grantee wherein he assumes liability
for payment of an existing note secured by a mortgage against the
property. |
| Attorn
|
To
turn over or transfer to another money or goods. To agree to recognize
a new owner of a property and to pay him/her rent. In a lease, when
the tenant agrees to attorn to the purchaser, the landlord is given
the power to subordinate tenant's interest to any first mortgage or
deed of trust lien subsequently placed on the leased premises. |
| |
|
| Balloon
Mortgage |
A
mortgage where the final payment is considerably larger than the preceding
payments. |
| Base
Rent |
A
set amount used as a minimum rent in a lease with provisions for increasing
the rent over the term of the lease. |
| Base
Year |
The
year of a lease term which is used to compare subsequent years; usually
when calculating operating expense pass throughs. |
| BOMA
|
Building
Owners and Managers Association |
| BOMA
Standard |
A
nationally published standard of measuring office space. Standards
are published by other organizations and can affect how the size of
space is calculated. |
| Brokerage
|
For
a commission or fee, bringing together parties interested in buying,
selling, exchanging or leasing real property. |
| Building
Classifications |
Building
classifications in most markets refer to Class "A", "B",
"C" and sometimes "D" properties. While the rating
assigned to a particular building is very subjective, Class "A"
properties are typically newer buildings with superior construction
and finish in excellent locations with easy access, attractive credit
to tenants and which offer multitude of amenities to tenants. The
class of a building may vary depending on the location of the property.
What is a class B in one market might be a class C in a different
market. Also, as the class of the building decreases (moves from A
to B etc) the rents tend to decrease. |
| Building
Core |
The
section of the building where the restrooms, ventilation shafts, electrical
distribution, elevator shafts and stairwells are located. |
| Building
Standard |
The
project specifications set out by the owner, usually in conjunction
with the project architect. Details the type, quality and color selection
available with respect to carpet, paint, light fixtures, wall coverings
and other project finishes. |
| Build-out
|
The
space improvements put in place per the tenant's specifications. |
| Build-to-suit
|
An
approach taken to lease space by a property owner where a new building
is designed and constructed to the tenant's specifications. |
| Buyer's
broker |
A
licensee who has declared to represent only the buyer in a transaction,
regardless of whether compensation is paid by the buyer or the listing
broker through a commission split. |
| |
|
| Calendar
Year |
A
year using the actual number of days in each month for a total of
365 days in a year (366 days in a leap year). |
| Cap
|
The
maximum allowable increase, for either payment or interest rate, for
a specified amount of time on an adjustable rate mortgage. |
| Capital
Expenses |
This
type of expense is most often defined by reference to generally accepted
accounting principles (GAAP), but GAAP does not provide definitive
guidance on all possible expenditures. Accountants will often disagree
on whether or not to include certain items. |
| Carrying
Charges |
Costs
incidental to property ownership, other than interest (i.e. taxes,
insurance costs & maintenance expenses) that must be absorbed
by the landlord during the initial lease up of a building and thereafter
during periods of vacancy. |
| Ceiling
|
The
maximum allowable interest rate over the life of the loan of an adjustable
rate mortgage. |
| Certificate
of Occupancy |
A
document presented by a local government agency or building department
certifying that a building and/or the leased premises (tenant's space)
has been satisfactorily inspected and is/are in a condition suitable
for occupancy. |
| Clear
Title |
A
title that doesn't have any liens (including a mortgage) against it.
|
| Closing
|
The
conclusion of a sales transaction when the seller transfers title
to the buyer in exchange for consideration. |
|
Closing Costs |
Costs
the buyer must pay at the time of closing, in addition to the down
payment which may include points, title charges, credit report fee,
document preparation fee, mortgage insurance premium, inspections,
appraisals, prepayments for property taxes, deed recording fee and
property insurance. Closing costs can vary considerably from one financial
institution to another. |
| Closing
Statement |
A
detailed written summary of the financial settlement of a real estate
transaction showing all charges and credits made, and all cash received
and paid out. |
| Commission
|
The
compensation paid to a licensed real estate broker or by the broker
to the salesperson for services rendered. Usually a percentage of
the selling price of the property or the total value of the lease.
|
| Common
area |
There
are two components of the term common area. If referred to with the
Load Factor calculation, the common areas are those areas within a
building that are available for common use by all tenants of groups
of tenants and their invitees. On the other hand, the cost of maintaining
parking facilities, malls, sidewalks, public toilets, service facilities
and the like are included in the term "common area" when
calculating the tenants pro-rata share of building operating expenses.
|
| Common
Area Maintenance (CAM) |
This
is the amount of additional rent charged to the tenant in addition
to the base rent to maintain the common areas of the property shared
by the tenants and from which all tenants derive some benefit. Most
often, this does not include capital improvements (see capital expenses)
that are made to the property. |
| Comparables
|
Properties
which are similar to a particular property and are use to compare
and establish a value for that property. |
| Concessions
|
Cash
or cash equivalents expended by the landlord in the form of rental
abatement, additional tenant finish allowance, moving expenses, cabling
expenses or other monies expended to influence or persuade the tenant
to sign a lease. |
| Condemnation
|
The
process of taking private property, without the consent of the owner,
by a governmental agency for public use through the power of eminent
domain. |
| Condominium
|
A
form of real estate, usually a dwelling with individual ownership
of separate portions of the building plus shared ownership of the
common areas. Also found in industrial parks, where individual units
are separately owned, but the common areas (such as guard gates, common
landscaping, etc) are shared. |
| Contiguous
space |
1)
Multiple suites/spaces within the same building and on the same floor
which can be combined and rented as a single unit.
2) A block of space located on multiple adjoining floors in a building.
|
| Contingency
|
A
provision in a contract stating that some of all of the terms of the
contract will be altered or voided by the occurrence of a specific
event. |
| Conveyance
|
Most
commonly refers to the transfer of title to property between parties
by deed. The term may also include most of the instruments by which
an interest in real estate is created, mortgaged or assigned. |
| Coterminous
|
Two
or more leases that end at the same time. |
| Counter
offer |
The
rejection of an offer to buy or sell that simultaneously makes a different
offer, changing the terms in some way. |
| CPI
|
Consumer
Price Index. Sometimes used to index rental rate escalations. |
| CPM
|
Certified
Property Manager. Professional designation conferred by Institute
of Real Estate Management; requires extensive specialized education
and experience. |
|
|
| DBA
|
Doing
Business As. Business names or aliases filed with the county. |
| Debt
Service |
The
total amount of debt which you must pay. |
| Deed
|
A
written instrument by which title to land is conveyed. |
| Default
|
The
failure to meet an obligation, including lease clauses (i.e. timely
rent payment, tenant use of premises, etc) and mortgages (i.e. timely
mortgage payments, timely payoff upon due date). |
| Demising
walls |
The
partition wall that separates one tenant's space from another or from
the building's common area such as a public corridor. |
| Depreciation
|
A
loss in value. |
| Disclosure
|
The
making known of a fact that had previously been hidden. |
| Down
payment |
An
amount of money the buyer pays which is the difference between the
purchase price and the mortgage amount. |
|
|
| Earnest
money |
A
deposit made by the buyer as evidence of good faith in offering to
purchase real estate and to secure performance of the contract. Earnest
money is typically held by a title company, in an escrow account during
the period between acceptance of the contract and the closing. |
| Easement
|
A
right to use another person's real estate for a specific purpose.
The most common type of easement is the right to travel over another
person's land, knows as a right of way. In addition, property owners
commonly grant easements for the placement of utility poles, utility
trenches, water lines or sewer lines. The owner of property that is
subject to easement is said to be "burdened" with the easement
because he or she is not allowed to interfere with its use. |
| Effective
rent |
The
actual rental rate to be achieved by the landlord after deducting
the value of concessions from the base rental rate paid by the tenant,
usually expressed as an average rate over the term of the lease. |
| Eminent
domain |
The
right of the government to take private property for public use, through
court action known as condemnation. The Fifth Amendment to the United
States Constitution provides that the government may take private
property only if the owner is given "just compensation"
(usually fair market value) for his or her loss. |
| Encroachment
|
The
intrusion of a structure which extends, without permission, over a
property line, easement boundary or building setback line. |
| Encumbrance
|
A
cloud against clear free title to the property which does not prevent
conveyance such as unpaid taxes, easements, deed restrictions, mortgage
loans etc. |
| Environmental
impact study |
Documents
which are required by federal and state laws to accompany proposals
for major projects and programs that will likely have an impact on
the surrounding area. |
| Escalation
clause |
A
clause in a lease which provides for the rent to be increased to reflect
changes in expenses paid by the landlord such as real estate taxes,
operating costs, etc. |
| Escrow |
A
trust arrangement by which one or more parties deposit things of value
with an authorized escrow agent in accordance with the terms of a
real estate agreement. |
| Escrow
Account |
1)
A third party account which holds money safely while a sale is in
progress.
2) An account used to save monies required for the payment of an eventual
debt. |
| Estoppel
certificate |
A
signed statement certifying that certain statements of fact are correct
as of the date of the statement and can be relied upon by a third
party, including a prospective lender or purchaser. |
|
|
| Fair
Market Value |
The
price a willing buyer will pay a willing seller for a leased property
on an "as is, where is" basis with both under no compulsion
to either buy or sell. |
| Financial
Statements |
Accounting
statements that provide specific information about a company's financial
position The include the Profit and Loss Statement, also known as
the Income Statement, the Balance Sheet, and the Statement of Cash
Flows. Financial statements can generally be audited by an outside
CPA firm or unedited and, thus, prepared by the company. |
| First
generation space |
Generally
refers to new space that is currently available for lease and has
never before been occupied by a tenant. |
| Fixture
|
Personal
property which has been attached to real estate so as to become a
part of the real property. The article must meet one of three conditions:
1) attached in a permanent manner 2) specially adapted to the property
or 3) intentionally made part of the real property. |
| Flex
space |
A building providing its occupants the flexibility of utilizing the
space. Usually provides a configuration allowing a flexible amount
of office or showroom space in combination with manufacturing, laboratory,
warehouse etc. |
| Force
majeure |
A
force that cannot be controlled by the parties to a contract and prevents
said parties from complying with the provisions of the contract, for
example a hurricane. |
| Foreclosure
|
A
procedure by which the mortgagee (lender) either takes title to or
forces the sale of the mortgagor's (borrower's) property in satisfaction
of a debt. |
| Full
service rent |
An all-inclusive
rental rate that includes operating expenses and real estate taxes
for the first year. The tenant is generally still responsible for
any increase in operating expenses over the base year amount. |
|
|
| Government
survey method |
A system
of land description which uses meridians (north and south lines) and
base lines (east and west lines). Areas include quadrangles (24 miles
on each side), townships (6 miles on each side) and sections (1 mile
on each side). |
| Gross
lease |
A lease
in which the tenant pays a flat sum for rent out of which the landlord
must pay all expenses. |
| Gross
Square Foot |
Usually
the total building square footage, including elevator shafts, vertical
penetrations, equipment areas, ductwork shafts and stairwells. |
| Ground
rent |
Rent
paid to the owner for use of land, normally on which to build a building.
|
|
|
| Highest
and best use |
The
use of land or buildings which will bring the greatest economic return
over a given time which is physically possible, appropriately supported
and financially feasible. |
| Hold
harmless |
In a
contract, a promise by one party not to hold the other party responsible
if the other party carries out the contract in a way that causes damage
to the first party. |
| Hold
over tenant |
A tenant
retaining possession of the leased premises after the expiration of
a lease. |
| HVAC
|
Heating
Ventilation and Air Conditioning |
|
|
| IREM
|
Institute
of Real Estate Management. Asset and property managers, extensive
educations programs, conferences and networking. |
| ISDN
|
Integrated
Services Digital Network A high-speed data and media communication
system, as much as ten or more times faster than conventional phone
lines. |
| |
|
| Lease
|
A contract
giving the lessee the right to use the leased property for a period
of time. |
| Lease
Term |
The
fixed term of the lease. |
| Leasehold
improvements |
Improvements
made to the leased premises by or for a tenant. Generally, especially
in new space, part of the negotiations will include in some detail
the improvement to be made in the leased premises by the landlord.
|
| Legal
description |
A description
of a specific parcel of real estate which is acceptable to the courts
in that state, and which allows an independent surveyor to locate
and identify it. Usually it uses one of the following methods: government
survey, metes and bounds or recorded plat (lot and block number). |
| Lessee
|
The
user of the leased property under the lease. |
| Lessor
|
Depending
on the type of the lease, either the owner of the leased property
or the owner of the security interest in the leased property. |
| Letter
of Credit |
A specific
arrangement between a lessee and one of its banks. The bank agrees
in the event of a defined event, the lessor can look to the bank to
make payment instead of the lessee. This is similar to a security
deposit in that it is one way for a lessor to insure that it will
be paid under the lease. |
| Letter
of intent |
A preliminary
agreement stating the proposed terms for a final contract. They can
be binding or non-binding. |
| Lien
|
A monetary
claim against a property. These should be settled before the sale
is finalized. |
| Listing
agreement |
The
legal agreement between the listing agent/broker and the vendor, setting
out the services to be rendered, describing the property for sale,
and stating the terms of payment. |
| Load
Factor |
The
common area calculation used to convert usable square foot measurements
(usually, the physical space actually occupied by the tenant) to rentable
square foot calculations. Usually includes a pro rata share of restrooms,
lobby and common hallways. |
| |
|
| Market
rent |
The
rental income that a property would command on the open market with
a landlord and a tenant ready and willing to consummate a lease in
the ordinary course of business; indicated by the rents that landlords
are willing to accept and tenants are willing to pay in recent lease
transactions for comparable space. |
| Mechanic's
lien |
A legal
claim placed on real estate by someone who is owed money for labor,
services or supplies contributed to the property for the purpose of
improving it. |
| Metes
and bounds |
A system
of land description using distance (metes) and angles/compass directions
(bounds) beginning and ending at the same point. |
| Mixed-use
|
Space
within a building or project providing for more than one use (i.e.
a loft or apartment project with retail, an apartment building with
office space). |
| Month-to-month
tenancy |
A rental
agreement that provides for a one month tenancy that is automatically
renewed each month unless either tenant or landlord gives the other
the proper amount of notice (usually 30 days) to terminate the agreement.
|
| Mortgage
|
A contract
providing security for repayment of a loan, registered against property
with stated rights and remedies in the event of default. |
|
|
| NACORE
|
International
Association of Corporate Real Estate Executives. One of the most progressive
corporate real estate training and education programs in the world.
|
| NAIOP
|
National
Association of Industrial and Office Parks |
| Net
Lease |
Type
of lease whereby the Tenant pays for part or all of the operating
expenses which may include utilities, janitorial, property insurance,
property management, sewer, water & garbage. |
| Net
Net Net (NNN) Lease |
Type
of lease where Tenant generally pays for all operating expenses. May
even include responsibility for roof and structural repair or replacement.
|
| Non-compete
clause |
A clause
that can be inserted into a lease specifying that the business of
the tenant is exclusive in the property and that no other tenant operating
the same or similar type of business can occupy space in the building.
|
|
|
| Operating
expenses |
The
actual costs associated with operating a property including maintenance,
repairs, management, utilities, taxes and insurance. |
|
|
| Parking
ratio or index |
The
number of parking spaces available expressed in relationship to the
rentable square footage. Expressed as X spaces per 1000 square feet,
a building that offered 2 spaces for every 1000 square feet would
show a parking ration of 2:1000. |
| Percentage
Lease |
Lease
in which all or part of the rental is a specified percentage of gross
income from total sales made upon the premises. |
| Personal
Guaranty |
The
guarantee of someone to be individually responsible for the obligations
of the lease. Generally for Subchapter S closely held companies and
small businesses, a lessor may ask for a personal guaranty as a way
to insure that the lease payments will be made. |
| Plat
book |
A record
or recorded subdivisions of land |
| Preleased
|
Refers
to space in a proposed building that has been leased before the start
of construction or in advance of the issuance of a Certificate of
Occupancy. |
| Prime
rate |
The
interest or discount rate charged by a commercial bank to its largest
and strongest customers. |
| Property
taxes |
Taxes
that are paid yearly on real property. Property taxes are ad valorem,
based on the assessed value of the real property. |
| Pro-rata
|
Proportionately;
according to measure, interest or liability. |
| Pro-rate
|
To divide
or distribute proportionally. At closing, various expenses such as
taxes insurance, interest, rents etc are prorated between the seller
and the buyer. |
| Punch
list |
An itemized
list, typically prepared by the architect or construction manager
documenting incomplete or unsatisfactory items after the contractor
has notified the owner that the tenant space is substantially complete.
|
| Purchase
Option |
Option
to purchase leased property either at the end of the lease term or
if some other specific criteria are met by the lessee. |
|
|
| Quiet
enjoyment |
The
right of a property owner or tenant to enjoy his or her property without
interference. |
|
|
| Raw
space |
Unimproved
shell space in a building. |
| Real
property |
Land,
and generally whatever is erected or affixed to the land, such as
buildings, fences and including light fixtures, plumbing and heating
fixtures or other items which would be personal property if not attached.
|
| REALTOR®
|
A real
estate broker or associate who holds active membership in a local
real estate board that is affiliated with the National Association
of Realtors®. |
| Receiver
|
Court-appointed
custodian who holds property for the court, pending final disposition
of the matter before the court. |
| Recorded
plat |
A subdivision
map filed with the county recorder's office that shows the location
and boundaries (lot and block number) of individual parcels of land.
|
| Renewal
option |
A clause
giving a tenant the right to extend the term of a lease, usually for
a stated period of time and at a rent amount provided for in the option
language. |
| Rentable
Square Feet |
Usually
the space measurement which incorporates both the "usable square
foot" measurement as well as the common area. The difference
between usable and rentable is generally between 10% - 15%. |
| Right
of first refusal |
1) A
lease clause giving a tenant the first opportunity to buy a property
at the same price and on the same terms and conditions as those contained
in a third party offer that the owner has expressed a willingness
to accept.
2) A lease clause giving a tenant the first opportunity to lease additional
space that may become available in a property at the same price and
under the same terms and conditions as those contained in a third
party offer that the owner has expressed willingness to accept. |
|
|
| Sale-leaseback
|
An arrangement
by which the owner occupant of a property agrees to sell all or part
of the property to an investor and then lease it back and continue
to occupy space as a tenant. |
| Second
generation space |
Refers
to previously occupied space that becomes available for lease, either
directly from the landlord or as sublease space. |
| Security
deposit |
A payment
required by a landlord to ensure that a tenant pays rent on time and
keeps the rental unit in good condition. If the tenant damages the
property or leaves owing rent, the landlord can use the security deposit
to cover what the tenant owes. |
| Setback
|
The
distance a building must be set back from the property lines in accordance
with local zoning ordinances or deed restrictions. |
| Shadow
Market |
The
"unofficial" vacancy portion of the office market caused
by available sublease space and/or excess space leased but not occupied
by office users. |
| SIOR
|
Society
of Industrial and Office Realtor. One of the oldest professional commercial
designations in the United States. Approximately 1,500 members worldwide.
Emphasis on corporate office and industrial real estate. |
| Site
development |
The
installation of all necessary improvements (installment of utilities,
grading etc) made to a site before a building or project can be constructed
on such a site. |
| Site
plan |
A detailed
plan which depicts the location of improvements on a parcel of land
which also contains all the information required by zoning ordinances.
|
| Slab
|
The
exposed wearing surface laid over the structural support beams of
a building to form one of the floor(s) of the building or laid slab
on grade in the case of non-structural ground level concrete slab.
|
| Space
plan |
A graphic
representation of a tenant's space requirements, showing all wall
and door locations, room sizes, and sometimes furniture layout. |
| Special
assessment |
Any
special charge levied against real property for public improvements
that benefit the assessed property. |
| Specific
performance |
Carrying
out the precise terms agreed upon in a contract. |
| Stacking
Plan |
Schematic
illustrating tenancies on a floor-by-floor basis. Useful in forecasting
how to accommodate growth tenants and identifying larger blocks of
space. |
| Sublease
|
A rental
agreement or lease between a tenant and a new tenant (called a sublessee)
who will either share the rental or take over from the first tenant.
The sublessee pays rent directly to the tenant. The tenant is still
completely responsible to the landlord for the rent and for any damages,
including those caused by the sublessee. Most landlords prohibit subleases
unless they have given prior written consent. |
| Subordination
agreement |
As used
in a lease, the tenant generally accepts the leased premises subject
to any recorded mortgage or deed of trust lien and all existing recorded
restrictions and the landlord is often given the power to subordinate
the tenant's interest to any first mortgage or deed of trust lien
subsequently placed on the leased premises. |
| Survey
|
The
process by which a parcel of land is measured and its boundaries and
contents are ascertained. |
|
|
| Tax
roll |
A list
or record containing the descriptions of all land parcels located
within the county, the names of the owners, the assessed values and
the tax amounts. |
| Tenant
improvement (TI) allowance or work letter |
Defines
the fixed amount of money contributed by the landlord towards tenant
improvements. |
| Tenant
improvements |
Improvements
made to the leased premises by or for a tenant. |
| Time
is of the essence |
A clause,
which if included in a contract, makes failure to perform by a specific
date a material breach or violation of the contract. |
| Title
insurance |
A policy
issued by a title company after searching the title and which insures
against loss resulting from defects of title to a specifically described
parcel of real property or from the enforcement of liens existing
against it at the time the policy is issued. |
| Trustee
|
One
who as agent for others handles money or holds title to their land.
|
| Turn
Key |
Landlord-provided
tenant improvements, usually including everything (walls, doors, floor
and window coverings, electrical) except telecommunications wiring
and tenant furniture. |
| |
|
| Under
contract |
A property
for which the seller has accepted a buyer's offer to purchase is said
to be under contract. During the period of time the property is under
contract, the seller is precluded from entertaining offers from other
buyers. |
| Unimproved
land |
Most
commonly refers to land without improvements or buildings but can
also mean land in its natural state. |
| UPS
|
Uninterruptible
Power Supply. A special power source which takes over in the event
of a failure in the main power system. |
| Usable
Square Feet |
That
space measurement actually contained within the demised premises.
If the entire building is occupied by a single user, the rentable
and usable square foot calculations may be the same. |
| |
|
| Variance
|
An exception
to a zoning ordinance, usually granted by a local government. |
| Virtual
tour |
Any
method used to provide internet users with a graphical presentation
of a property or properties. |
| Void
|
Having
no legal force or effect. |
| |
|
| Waiver
|
The
intentional or voluntary relinquishment of a known claim or right.
|
| Walk
through |
1) Buyer's
on-site inspection of the property being purchased just prior to closing
2) A detailed inspection of a new construction, in which a punch list
and cosmetic items are addressed prior to final acceptance. |
| Work
letter |
A list
of the building standard items that the landlord will contribute as
a part of the tenant improvements. |
| |
|
| Zoning
|
Exercise
of police powers of city in regulating and controlling the character
or use of property. Zoning laws divide cities into different areas
according to use, from single-family residences to industrial plants.
|
| Zoning
ordinances |
A set
of laws which control the size, location and use of buildings within
these different areas. |
| |
|
