This real estate term can be concisely explained as a parcel of land belonging or meant to belong to someone — the owner. It is usually referred to as real property due to its immovable status. A land can be owned by a one person or multiple people, and even a corporate body, establishment, organisation, and government. In certain countries, the ownership of a lot is in a peculiar form called fee simple. A land lot isn’t only used to describe lands that is being reserved for construction or agricultural purposes; it can also be used to portray an empty land space that is lacking any construction or development touch, for example a parking lot.
Lots belonging to private entities, like other types of real estate, are often at the receiving end of recurring taxes that must be paid to the government controlling the areas the lots are located in i.e. municipality or county. The taxes that are incurred by a land are usually calculated based on the conceived value of the property after assessment, with more taxes incorporated when the land is being transferred or sold.
The boundaries of a land lot are usually schematically defined, even though they do not necessarily have to be defined on the land itself. Despite the roundness of the earth, most lands are able to be mapped as flat entities. The parameter used to determine the size of a land lot is the area, which basically identifies the lot as a flat surface; though in the real sense most lands usually have hilly and contoured surfaces that would disprove such assertion. Though lots usually exist in different shapes and sizes, the common representation of a land lot is with a rectangular shape. Any other shape is also allowed as long as a conspicuous boundary can be defined. A lot is often the size of a single house or any building, though the structure it harbours remains in the control of the contractors handling the building process.
The boundary of a land lot can be measured and determined using different tools and methods that are either able to produce vague results or apt description.
Metes and Bounds
This is a method of land description that utilises physical attributes of geography including distances and directions to specify the boundaries of a land lot. Metes is a term used to describe a boundary created by a straight run across a distance between two terminal points, while bounds is a method often used on larger pieces of property like farms.
Public Land Survey System
This surveying method is mostly used to either plat or divide real property that is to be sold or used for settlement.
This is a map that is drawn to scale, mainly composed of a land lot’s divisions. They are usually used when large lots need to be divided and allotted to different owners or for separate purposes. There are several types of plats including a plat of subdivision, a plat of consolidation, a correction plat, a short plat, and vacating plat.
Zoning laws that control and determine the kind of building built on a lot are usually passed by regional government. With certain areas in a region zoned for residential buildings, other parts of the region can then be allocated for commercial, industrial, or agricultural purposes.
Zoning laws in certain regions may also include conditions or restrictions like the maximum size of a building, the minimum lot area that can be acquired or allotted, length of the building to be constructed.
These restrictions aren’t idle as they are most often times merged together with building codes that must be adhered to by the constructions professionals.
There are structures that may be attached to a lot that automatically improves both its usefulness and value. Such structures, which include buildings, signs, sidewalks, pavements, septic tanks, wells, driveways, are known as appurtenance; however, a land lot that is vacant and bare, absent any of the appurtenance is called, an empty lot, an undeveloped lot, or a vacant lot.
Large tracts of land can be split into smaller subdivisions, with some areas allotted as streets and alleys that help facilitate easy access to the parcel of land. The land can then be sold to prospective owners to develop the structure of their desire.
The government usually grant rights of ownership of a land to a prospective buyer with a document called a land patent, thus transferring authority on the fate of the land to the person in possession of the document.