Real Estate Investment
Understanding Real Estate Terms
October 11, 2007 by Benjamin Bach · 1 Comment
Real Estate zoning and allowed uses can be a tricky subject. This week I have been dealing with small income properties in Kitchener Waterloo with a few clients who previously had been investing in single family properties.
One property we looked at was a legal non-conforming triplex. What does that mean ? Is it a legal triplex? Is it illegal ? No ( in both cases).
Legal non-conforming means a use that is not recognized in the Zoning By-law but ‘which lawfully existed on the day the Zoning By-law was passed (June 6, 1994). ‘In Ontario these uses have a right to continue and cannot be “zoned” out of existence.
As long as the owner can prove that the property has continuously used the property in this fashion, it can continue. If a legal non conforming triplex is ever converted back to a single family home, it cannot go back to the previous non conforming use.
Before you buy a real estate investment property, you want to do your legwork, including ensuring that the property is legally allowed to be used as it is; consult your local real estate attorney.
Are there any real estate terms you’re unclear on ? Post them in the comments, and I’ll answer them (or find someone who can).
Benjamin Bach is passionate about helping people build wealth for an abundant retirement. He works with investors from across North America, helping them retire rich, and earlier than they thought possible!Call or email Kitchener Waterloo’s Favourite Real Estate Agent (Gold Award, Kitchener Waterloo Record Readers Select Awards 2007 – 2008) today to learn how you can start your Real Estate Investment portfolio.Benjamin is a Sales Representative with Keller Williams Golden Triangle Realty in Kitchener Waterloo and would love to answer any questions about buying or selling a rental, income or investment property.
You can reach Benjamin at benjamin(AT)benjaminbach.com or call him at 519 570 4447
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a house we are interested in NYC in the Bronx. The appraisal states it is a 2 unit house, and in the category of LAND USE it states triplex (3 units any combination). Does this mean the house is a 2 or a 3 unit hosue? thanks