What is the meaning of plottage?
Definition of plottage
: the area included in a plot of land.
What is another word for plottage in real estate?
A plot of land assigned for sale or for a particular use. lot. plot. parcel. plat.
What is the difference between assemblage and plottage?
Assemblage — The combining of two or more adjoining lots into one large tract. … Plottage value — The increased usability and value resulting from the combining or consolidating of adjacent lots into one larger lot.
How do you calculate plottage?
The plottage increment refers to the value gained by combining the lots. For example Steve owns two plots that are right next to each other. Each one is worth $40 000. When combined into a single property the total value is now $90 000 and the increment is $10 000.
What is assemblage and Plottage in real estate?
Plottage is the increase in value realized by combining adjacent parcels of land into one larger parcel. The process of combining the parcels is known as assemblage. Generally the value of the whole parcel will be greater than the sum of the individual smaller parcels.
What is situs in real estate?
In law the situs (pronounced /ˈsaɪtəs/) (Latin for position or site) of property is where the property is treated as being located for legal purposes. … The English common law rules which apply in most common law jurisdictions are in outline as follows: the situs of real estate (land) is where it is located.
What is an accession in real estate?
In property law it is a mode of acquiring property that involves the addition of value to property through labour or the addition of new materials. … In commercial law accession includes goods that are physically united with other goods in such a manner that the identity of the original goods is not lost.
What is Plottage comparison?
Plottage is the increase in value realized by combining adjacent parcels of land into one larger parcel. Generally the value of the whole parcel will be greater than the sum of the individual smaller parcels. …
What is a Plottage map?
The definition of plottage in real estate is simple. When you combine multiple pieces of land into one large parcel the plot appreciates in value. This is not to be confused with the process of combining multiple plots of land into a single larger plot which is known as assemblage in real estate.
What is the opposite of Plottage?
Assemblage is the combining of two or more adjacent parcels into one larger parcel. This is usually done in the hope that the combined value will exceed the total value of the individual parcels. The increased value is called plottage value or Plottage. Assemblage is the opposite of subdivision.
What is highest and best use in real estate?
Highest and Best Use Defined
The reasonably probable and legal use of vacant land or an improved property that is physically possible appropriately supported and financially feasible and that results in the highest value.
What is an example of assemblage?
The definition of an assemblage is the act of getting together or putting something together. … An example of an assemblage is Robert Rauschenberg’s Canyon created of various materials such as wood nails paper fabric paint metal and other items.
What situs means?
Definition of situs
: the place where something exists or originates specifically : the place where something (such as a right) is held to be located in law.
What is a 10 cap in real estate?
What is Novation mean in real estate?
Novation is when an existing contract or legal obligation is replaced with a new one of equal or proximate value. … In real estate you may need to novate a contract if the terms of your closing agreement changes the price of the house changes or another party is added to the contract.
Where can I find the plat of my property map?
The publicly recorded documents that can help you find your property lines are typically available online through your local assessor’s office. These include the deed which includes the legal description of your property and the plat map which will show an outline of your property with others in the area.
What is mortgage puffing?
Definition: The term puffing refers to “extravagant claims made by sellers in order to attract buyers.” In plain terms puffing is an exaggeration of a fact. Many people including real estate agents are guilty of puffing.
What is market data approach?
The market data approach or sales comparison approach is finding value by comparing a property to other properties of similar size and condition in the same area. … You are comparing sales in the market hence the name market data approach or sales comparison.
What is situs rule?
The situs of taxation has been defined as the place where an authority has the right to impose and collect taxes.
How is situs determined?
Situs is the state that the trust originated and whose laws will govern the trust. … In general for tax purposes trust situs is determined by the combined jurisdictions that have the legal authority to tax a trust or trustees.
What is the situs of interest income?
D. Situs of tax on interest income is the residence of the borrower who pays the interest irrespective of the place where the obligation was contracted. This applies whether or not the owners is a resident of the place where the property is located.
What is an example of accession?
The definition of accession is the process of taking one object and placing it with other objects. The acquisition of new paintings by an art museum is an example of accession. … A prince becoming king is an example of the prince’s accession to the throne.
What is an example of Emblement?
Which of the following is an example of accession?
Perhaps the most simple example is the growing of vegetables or other farm produce on land. … If the water alters a river bank thereby adding land to your property that new land could be yours. The doctrine of accession allows a property owner to take possession of natural deposits onto their land.
What does contribution mean in real estate?
Contribution – An appraisal principal which holds that the value of real property is greatest when the improvements produce the highest return commensurate with their cost (the investment). Also called the principal of increasing and decreasing returns.
What is freehold estate in real estate?
A freehold estate is a type of real property. It comes with indefinite ownership which you can essentially pass on forever. You can find three primary types of freehold estates and each one requires you to meet certain conditions to maintain that ownership down the road.
What is leverage in real estate?
Leverage uses borrowed capital or debt to increase the potential return of an investment. In real estate the most common way to leverage your investment is with your own money or through a mortgage. Leverage works to your advantage when real estate values rise but it can also lead to losses if values decline.
What does avulsion mean in real estate?
The sudden change of a body of water (often by a flood) that is serving as a property boundry. Under the Rule of Avulsion the property line will remain at the previous location. Compare to alluvion (a gradual change in the body of water that does change the property line) property & real estate law.
What is subjective value in real estate?
(the fair market value) the subjective value—in monetary terms—is the minimum price that an individual would be willing to accept as compensation for the sale of her property.
What does topography mean in real estate?
Sheila West Real Estate Agent The Real Estate Collection. Art of mapping the physical features of a region. The topography describes the characteristics of an are such as its contours flatness maintainousness.
What is an easement appurtenant in real estate?
An easement appurtenant is a specific type of easement where two properties are linked together as servient tenement and dominant tenement estates. The servient estate is the estate that allows the easement where the dominant estate is the one that benefits from the easement.
What is cost approach in valuation?
The Cost Valuation Method
The cost approach is based on the logic of the principle of substitution. The concept is that prudent investors will not pay more for a property than they would for a substitute property of equivalent utility.
What is the difference between excess and surplus land?
Remember excess land is land that is not needed to serve or support the existing improvement. Excess land can be partitioned sold separately and valued separately. Surplus land is land that is not needed to serve or support the existing improvement but it cannot be separated from the property and sold off.
Who determines highest and best use?
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