Is That Property Even Legal?

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Is That Property Even Legal?

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Is That Property Even Legal?

Appraisals must address zoning and permit regulations to reduce risk

By Richard Garrie

The fusion to everyone involved in the origination process. Loan originators should be aware of potential problems. Questions often arise as to whether a property is legal if it does not have the proper permits, for example. The answer is yes and no.

Before you can answer the question and finish processing that loan, you must understand the difference between permits and zoning. Zoning is the legal authority that governs what can be built on a site and generally sets the rules that govern the potential improvements that can legally be built on the site.

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