Real Estate Glossary

"Cumulative Days on Market" - The number of days a property has been listed, even if recently listed under other listing numbers, provided there has not been a sale. Time off market is subtracted from CDOM. Example: Johnson's list their home under MLS #100 for 60 days. It doesn't sell and they take it off the market for 60 days. They re-list their house under (new) MLS #101 for 60 days. CDOM = Total Days Since First Listing (180) - Days Off Market (60) = 120 Days

A district (as we refer to it) is a quasi-governmental entity that provides basic services to a property. For Example: Sewer, Water, Power, Gas, Phone, Cable & School Districts. Utility districts often alter or prohibit an owners intended use of property (especially when proposing to subdivide it) by withholding services until certain fees are paid or infrastructure improvements are built. School Districts often demand fees from property owners subdividing their property and can challenge the approval of new subdivisions within their district if nearing full capacity at area schools.

Final plat is a stage in the subdivision process reached when the final plat map and plans describing a subdivision of property have been approved by the governing jurisdiction and no additional modifications are expected. The required improvements are usually nearing completion or the jurisdiction has some type of guarantee in place whereby the jurisdiction could complete the improvements if the developer fails to.

A Jurisdiction (as we refer to it) is the city or county which land use and building permits must be processed through. If a property is within City limits, the city is usually the permitting jurisdiction, if the property is not within any city's limits, the county is usually the permitting jurisdiction. We call sewer, water and other utilities which also may have controll over property districts.

A Plat is a general way of referring to a subdivision or proposed subdivision of property. To Plat is a reference to the process of mapping out and processing the subdivision of property into smaller lots.

A plat map which has been approved and recorded by the County the property is in. The lots (parcels) shown on the plat map and described in the subdivision documents become their own separate legal lots.

A Subdivision is a planned or completed subdivision of a larger property into smaller properties/lots/parcels.