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One to Four Family Residential Property
Practical Law Glossary Item w-000-5022 (Approx. 3 pages)
Glossary
One to Four Family Residential Property
A real property falling into any of the following categories:
- Solely residential real property, including:
- one-to-four family dwelling units; and
- more than four family dwelling units if each unit is separated from the other by ground-to-roof dividing walls.
- Manufactured housing, provided that applicable state law defines it as real property.
- Individual condominium dwelling units that are part of a condominium building.
- Interests in individual cooperative housing dwelling units that are part of a cooperative building.
- Real property that includes one-to-four family dwelling units combined with commercial units, provided the property is primarily residential.
A dwelling unit is a single room or a unified combination of rooms designed for residential use (12 C.F.R. § 1263.1).