- A parcel or tract of land owned by one or more people or by a legal entity such as a company, corporation, organization, government or trust. Like other forms of real estate, a land lot, also known as a "lot", "plot," or "land plot," is subject to real estate taxes. Depending on the location, the lot may be "zoned," which specifies what kinds of buildings may be built on the land.
land plot, plot, lot
Related Terms and Acronyms
- Acre — Definition,
- 43,560 square feet. A plot of land 180 by 242 feet is one acre.
- Acre Foot (AF) — Acronym,
- The water or other material needed to cover an acre of land one foot deep. Equivalent to exactly 43,560 cubic feet.
- Arpent — Definition,
- An area equal to about 0.845 acres, traditionally used in France, Quebec and Louisiana. Nowadays, hectares and acres are more commonly used measurements of area.
- Contiguous Lots — Definition,
- Pieces of real estate that are next to each other.
- Hectare — Definition,
- An area equal to 100 meters by 100 meters
- Investment Property — Definition,
- Property bought with the hope of it making money.
- Key Lot — Definition,
- A lot of which ownership is essential in acquiring a piece of land for development, either because of its strategic location or the timing of the acquisition.
- Land — Definition,
- The solid ground of the earth. This can include everything under it and over it. For example, Condominium Acts do divide land horizontally thereby limiting the vertical ownership.
- Plat — Definition,
- A map that shows a parcel of land and how it is subdivided into individual lots. Plat maps also show the locations of streets and easements.
- Property Tax — Definition,
- A levy by a city on real estate and personal property whose amount varies depending on the property's value.
- Property Value — Definition,
- The worth of a piece of real estate, based on the price a buyer and seller would negotiate.
- Subdivide — Definition,
- To split something (like a plot of land) into smaller sections.
- Survey (srvy) — Abbreviation,
➥ As in surveyed land.
- A map executed by a licensed surveyor, which sets down precisely the boundaries of a given property as well as improvements, references to known landmarks, and the property's notable features.
- Zoning — Definition,
- Areas within a city limits in which certain types of land uses are allowed. For example, a zoning ordinance might permit houses but not factories in a neighbourhood.