15-1219.Residential Real Estate.

Section 15-1219 excludes a single tract of agricultural real estate larger than 40 acres from ever qualifying as residential real estate, then defines the term for everything else. Qualifying real estate must be improved with a single family residence, residential condominium units, or a multiple dwelling structure containing single family dwelling units for six or fewer families living independently of each other.

At least one qualifying unit must also be occupied as a principal residence, and the section ties that occupancy requirement to the mortgagor's status. If the mortgagor is an individual, the occupant must be that mortgagor, the mortgagor's spouse, or the mortgagor's descendants. If the mortgagor is a trustee of a trust or an executor or administrator of an estate, the occupant must be a beneficiary of that trust or estate, or the beneficiary's spouse or descendants. If the mortgagor is a corporation, the occupant must be persons who collectively own at least 50 percent of the corporation's voting stock, or their spouse or descendants.

The section adds that using part of the residential real estate for non-residential purposes does not change its characterization as residential real estate. It closes with a cross-reference softening its own occupancy and improvement requirements for one specific purpose: when applying the definition of “abandoned residential property” in Section 15-1200.5, residential real estate does not need to be occupied, or, if zoned for residential development, improved with a dwelling structure.