subdivide

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subdivide

To separate property into smaller parcels for sale or borrowing purposes. People normally think of a subdivision as related to development of a residential area,but the definition is not that restrictive.

Example: A seller wishing to sell only a portion of a parcel of real property may have to apply for subdivision approval before the sale, including assignment of a new tax parcel identification number. Borrowers sometimes subdivide property so that a mortgage will be on only a specific improvement, such as a house, and the land reasonably necessary to support that improvement, rather than have a mortgage encumber more land than is necessary.

References in periodicals archive ?
Clients who subdivide land or develop land as condominium units, and then sell the subdivided and developed land, normally have their entire gain taxed at high ordinary income tax rates, since the client is classified as a "dealer" selling "inventory" in the form of subdivided lots or condominiums.
Hamilton subdivides historicism into two camps: (1) hermeneutical historicism, which insists on the primacy of historical contexts to the interpretation of all texts.
Since 500 Mamaroneck comprises dual "center core" pods, space subdivides well for multiple users within each pod, down to units as small as 2,000 s/f.