What Is Situs?
Situs is the physical site where a property or entity is located. In legal terms, the situs is used to establish the jurisdiction over a property or entity. In a similar sense, the situs of a commercial property is used to establish its tax jurisdiction. Property tax would be an example.
What Is The Meaning Of Situs In Real Estate?
In commercial real estate, the definition of situs has been expanded beyond its legal use to understand a commercial property in the context of environmental factors that affect its value, utility, and position in the market.
Where Would The Term Situs Be Used?
The situs address is often found on government records. Raw real estate data for real estate databases also includes the situs address of a commercial property. The mailing or contact address is not necessarily the same as the situs address, or physical location.