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 ?
Clifton said the state's Timber Harvest review process assures that sensitive environmental planning received the highest priority on the former ranch, which had also been earlier approved for subdividing into rural homesites.
The 12-month effort entailed the subdividing of two floors to create multitenant configurations at one the premier office properties adjacent to the United Nations.
CyberAmerica has considered the possibility of subdividing the land and selling it.
By subdividing interest areas, the Toolkit enables users to more easily find just what they're looking for.
to fund construction costs of servicing and subdividing the first 50 lots of the property into mobile home pad lots.