Residential Property Definition

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Recidential property Definition:

Any land, plot, parcel, lot, tract or area of land including any building used primarily or intended to be used for owner-occupied housing or tenant accommodation constitutes residential land. Single-family housing, as well as multifamily units, can be constructed on residential land to quality as residential property. 

Types of residential property:

The iconic example is the single-family home. Definitions differ but, generally speaking, it is building containing one dwelling unit, detached from all other structures, with open space on all sides. Multi-family homes of two, three or units also constitute residential property. So do townhomes and semi-detached homes.

Because their purpose is return on investment, rental properties with five or more units - whether they're apartment buildings or apartment communities - are coomercial property, not residential.

Although condominium units themselves are residential, the buldings they comprise are commercial.

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