Prescott AZ Real Estate Land Sale Regulation
April 14th, 2007
The Interstate Land Sales Full Disclosure Act
The Interstate Land Sales Full Disclosure Act is intended to protect prospective land owners from fraudent marketing practices when the land is being bought site unseen by out-of-state buyers.
The law requires the developers to file a statement of record with the Department of Housing and Urban Development (HUD) before the land can be marketed.
When the developer files this statement of record, they will also need to include many different disclosures about they specific property.
Prescott AZ Real Estate Land Development
Subdividers will purchase undeveloped land and divide it into smaller lots for sale. On the otherhand a developer improves the land, adds improvements to the land such as buildings and other forms of construction. A person can be both a subdivider and a developer. There are laws which regulate land planning and the subdivision of land, these are passed by state and local governments.
Land Development Plans
Subdividers create something called a land development plan. The plan will conform to any of the localized municipal comprehensive plans such as that of the Prescott AZ planning Commission. Next, the subdivider will create a plat based on the development plan. A plat will detail boundries of each lot, it will also include blocks, streets, public easements, and sections of the proposed subdivision. Once it is approved by the city it will then be recorded.
Entry Filed under: Prescott Arizona AZ Real Estate Market
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