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Georgia Real Estate

Chapter 6 & 7

TermDefinition
Codominiums allows a developer to subdivide the airspace over a piece of land.
Master Deed The master deed converts one parcel of land into a number of individual property estates along with an estate for all the common elements.
Bylaws The rules governing an owners’ association are called bylaws. They are recorded with the master deed. Bylaws set forth how association dues will be established and collected.
Covenants Conditions and Restrictions The developer must file a list of regulations known as covenants, conditions and restrictions (CC&Rs).
Cooperatives Shares are sold to the tenants. Title to the building is placed in the name of the corporation. Shareholders receive a lease to their apartments, from the corporation. Shareholders own the corporation, the corporation owns the building.
Planned Unit Development Individually owned lots and houses with community ownership of common areas. With a planned unit development (PUD), the buyer gets a house and lot as separate property, plus ownership in a community association that owns the common areas.
Timeshare The exclusive use of a property for a period of time each year. The right-to-use format gives the buyer a contractual right to occupy a unit
Cooling off period Georgia has enacted mandatory “cooling-off” periods of seven days during which a buyer can rescind a time share contract.
Public control Public controls include zoning, building codes, subdivision, regulations and master plans.
Private Control Private controls are deed restrictions.
Zoning divide land into zones and regulate the purpose for which buildings may be constructed, the height of the buildings, the area of the lot and the number of people they can accommodate.
Land Use Restrictions zoning ordinance imposes additional rules for low-density, setback requirements, limits on building heights and restricts the kinds of animals that may be kept on the property…. Zoning encourages uniformity
Nonconforming Use When an existing structure does not conform to a new zoning law, it is grandfathered in as a nonconforming use.
Variance A variance allows an individual landowner to deviate from current zoning requirements.
Conditional Use Permit A conditional-use permit allows a land use that does not conform to existing zoning, provided the use is within the limitations that are specifically imposed by the city ordinance.
Spot Zoning Spot zoning refers to the rezoning of a small area of land in an existing neighborhood.
Down zoning Downzoning means that land previously zoned for higher-density uses is rezoned for lower-density uses. example- residential area becomes zoned agricultural
Taking Taking is also known as inverse condemnation.
Buffer Zone A buffer zone is a strip of land that separates one land use from another. It is not necessarily a zoning law category.
Building Codes Building codes establish minimum acceptable material and construction standards.
Certificate of Occupancy A government issued document that states that a structure meets local zoning and building code requirements and is ready to use.
Building Codes Building codes establish minimum acceptable material and construction standards.
Deed Restrictions Private land-use controls take the form of deed and lease restrictions. Deed restrictions, also known as restrictive covenants, cannot be used to discriminate on the basis of race, color, religion, sex, or national origin
restrictive covenants Restrictive Covenants Clause- Clauses placed in deeds and leases to control how future owners and lessees may or may not use the property.
Master Plan A comprehensive guide for the physical growth of a community. A master plan should look at least 15 years into the future, preferably 25 years or more.
Created by: user-1812658
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