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 ?
Plans for the subject property include subdividing the lots and selling for development of small office buildings and office condominiums.
This takes roughly the same amount of time whether you are subdividing 1 acre or 1,000 acres, they say.
If the taxpayer decides that he can make more money by subdividing the land and selling parcels or lots, the gain will be taxed at ordinary income rates.
Subdividing an AS into smaller ASs simplifies network administration and reduces the complexity of the Interior Border Gateway Protocol (IBGP) mesh among the BGP routers in the AS.
Preliminary scenarios for that parcel include developing and selling as office condominiums or subdividing and selling the land for office, flex, industrial and ancillary retail uses," continued Garfield, who is responsible for new loan originations and business development nationwide for HRC.