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.

The Complete Real Estate Encyclopedia by Denise L. Evans, JD & O. William Evans, JD. Copyright © 2007 by The McGraw-Hill Companies, Inc.
References in periodicals archive ?
In addition, had the taxpayers invested more time and effort to prove an income-producing motive, such as devoting substantial time to subdividing the property and demonstrating their intent to resell the subdivided parcels, they may have obtained a more favorable outcome.
Paciga appealed and won in the trial court, which ordered reassessment at the value assessed prior to the platting and subdividing.
By repeatedly subdividing the mother liposome or newly formed daughters, the researchers add to the network.