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The specific definition of brownfield land varies and is decided by policy makers and land developers within different countries. [ 3 ] [ 4 ] The main difference in definitions of whether a piece of land is considered a brownfield or not depends on the presence or absence of pollution.
The life cycle of a brownfield project begins when an eligible entity identifies a brownfield property in its community and also identifies the community's redevelopment needs and goals. This property then undergoes an All Appropriate Inquiry or Environmental Site Assessment to assess the potential liability associated. If a recognized ...
Issues such as soil remediation goals and planning for brownfield reuse are important to address. [5] Most of the brownfield sites for redevelopment are located in cities, and can be used for residential or commercial purposes to obtain the greatest land price. [5] However, many have pollution history spanning half a century or more. [5]
Assessed value: The value of real estate property as determined by an assessor, typically from the county. "As-is": A contract or listing clause stating that the seller will not repair or correct ...
Real estate development, or property development, is a business process, encompassing activities that range from the renovation and re-lease of existing buildings to the purchase of raw land and the sale of developed land or parcels to others.
Highest and best use (or highest or best use; HBU) is a concept in real estate appraisal that originated with early economists such as Irving Fisher, who conceptualized the idea of maximum productivity. [1]
Real estate is property consisting of land and the buildings on it, along with its natural resources such as growing crops (e.g. timber), minerals or water, and wild animals; immovable property of this nature; an interest vested in this (also) an item of real property, (more generally) buildings or housing in general.
A real estate transaction is the process whereby rights in a unit of property (or designated real estate) are transferred between two or more parties, e.g., in the case of conveyance, one party being the seller(s) and the other being the buyer(s). It can often be quite complicated due to the complexity of the property rights being transferred ...