Commercial lenders are insisting on zoning compliance and conformance evidence prior to funding from PZR. Lenders require that the property be in compliance with applicable zoning ordinances with respect to usage, parking, setbacks, height, density, coverage requirements and more.
Lenders want to be sure that their loans are protected in light of the past few years of financial mortgage meltdown. Zoning analysis and due diligence has become a major factor on the closing checklist. The revelance of zoning compliance is especially important to the Lender who is needing to know that the property can be re-constructed to the same building configuration in the event of massive casualty. Title insurers are particularly in need of this information which enables them to write their zoning endorsements. The prospective buyer will want to understand how the local municipality will treat their property should their property be severely damaged by fire or other natural disaster.
Zoning evidence and reports from the Planning and Zoning Resource Corporation are needed as the absence of clear zoning compliance may delay closing, even in what seems to be a simple straightforward transaction.
Researching the evidence for zoning compliance may not be as easy as going to the municipal or local authorities. Some of the challenges and issues faced when conducting zoning investigation include: zoning rules and local ordinances constantly change, the zoning documents provided by the municipal or local authorities might be old or might not reflect these recent changes, collecting all the municipal documents and analyzing them to make sure the property is compliant can take a huge amount of time and resources, some municipalities issue zoning documents quickly while others take weeks or even months. These documents might not reflect the current zoning compliance in black and white. Further research and analysis is needed which can be very time consuming.
Hiring a zoning analyst or zoning company ensures the hassle of zoning can be avoided. The Planning and Zoning Resource Corporation is America’s largest zoning research company and due diligence firm. PZR can typically acquire all the documents in a timely manner plus provide a third party zoning compliance report while providing assistance to resolve any zoning compliance issues.
Those typically requesting zoning analysis or zoning reports are mostly individual buyers, banks, businesses, lawyers, mortgage companies, lenders, title companies and more. PZR has been the industry leader for over a decade and features a library of over 100,000 zoning reports and have over 20,000 local municipal contacts throughout the United States.
Zoning due diligence by a professional zoning company allows for maximum information when obtaining available municipal documents and saves time from traveling to various municipal locations and locating or researching the documents in person. Zoning documents PZR provides include: zoning verification letters, building and zoning code violation letters, certificates of occupancy, building permits, variances such as special use permits or conditional use permits, planned unit developments, site plans, zoning codes, CLE classes and more.
An independent zoning report, also known as the PZR Report, sets the standard for answering your conformance questions for zoning due diligence, title endorsements and insurance needs. Zoning reports will provide reliable site zoning analysis and compliance review and is supported by local municipal documentation that provides a reliable, independently confirmed statement that speaks to the compliance status of the property.
The Planning and Zoning Resource Corporation also provides assistance in resolving specific zoning issues or non-conformities that are revealed out of this review process.
Tagged with: Business • Commercial Real Estate • Construction permit • Industrial • Investment Property • Loan • Multifamily Property • New York City • Office Space • PZR • Real estate • Real Estate Investing • Real estate investment trust • REIT • Rental Property • United States • Urban planning • Zoning
Filed under: Real Estate
Like this post? Subscribe to my RSS feed and get loads more!