Ad Valorem – Latin for “according to valuation” usually referring to a type of tax assessment. Real property tax is an ad valorem tax based on the assessed valuation of the property
Capital Improvement – Any structure erected as a permanent improvement to real property: any improvement made to add to the value of a property
Developer – One who attempts to put land to its most profitable use through the construction of improvements, such as commercial condominiums or subdivision projects.
Fee Simple – the maximum possible estate one can possess in real property. The most complete and absolute ownership in land
Joint Tenancy – An estate or unit of interest in real estate that is owned by two or more persons, all owning equal shares
Land Trust – A trust originated by the owner of real property in which real estate is the only asset
Nonconforming Use – a permitted use of real property that was lawfully established and maintained at the time of its original construction but that no longer conforms to the current zoning law.
Plat Map – a map of a town, section, or subdivision indicating the location and boundaries of individual properties
Qualified Buyer - a buyer who has demonstrated the financial capacity and creditworthiness required to afford the offered price.
Subdivision- Land that is divided or proposed to be divided for the purpose of disposition into two or more lots, parcels, units, or interests
Title – the right to or ownership of land; the evidence of right to an estate