Lot Definition Real Estate
Get the definition of lot and understand what lot means in real estate.
Lot definition real estate. The house does not add or take away anything to the size of the land. Each lot parcel of land is given a lot number and each group of contiguous lots is given a block number. As a result one side of a key lot can border multiple neighbor lots. A lot is ordinarily one of several contiguous pieces of land of which a block is composed.
Read the balance s editorial policies. A lot is an individual piece of land which is intended to be conveyed in its entirety to a buyer. Jim kimmons wrote about real estate for the balance small business. He is a real estate broker and author of multiple books on the topic.
Paper means that while it was planned and sometimes the plans were recorded the development was never. A key lot is a lot one side of which is adjacent to the rear of a reversed corner lot. In the law of real estate one of several parcels into which real property is divided. Real property is commonly described in terms of lot and block numbers on recorded maps and plats.
Share pin email westend61 getty images. Explaining lot term for dummies. Each lot could be of a different size therefore there might be several lots side by side with different. Updated september 12 2020 improved land can include any number of upgrades.
Quot lot size quot real estate size yard house combined size yard. A key lot can have either added value or diminished value depending on its location. A plot is essentially considered a parcel of real property in some countries or immovable property meaning practically the same thing in other countries. Definition and examples of improved land.
The interior lot is the most common lot type because it fronts on only one street. Real estate is the land along with any permanent improvements attached to the land whether natural or man made including water trees minerals buildings homes fences and bridges. A block is generally a group of contiguous lots bounded by streets such as a city block. The front side of the key lot it a continuation of the side of the corner lot.
A paper lot refers to undeveloped land that exists only on paper as streets and lots. This is your basic standard lot. The land is plotted by the county as to the size and configuration.
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