Land Lot
In real estate, a lot or plot is a tract or parcel of land owned or meant to be owned by some owner(s). A lot is essentially considered a parcel of real property in some countries or immovable property (meaning practically the same thing) in other countries. Possible owner(s) of a lot can be one or more person(s) or another legal entity, such as a company/corporation, organization, government, or trust. A common form of ownership of a lot is called fee simple in some countries.
A lot may also be defined as a small area of land that is empty except for pavement or similar improvement. An example would be a parking lot. This article covers lots as parcels of land meant to be owned as units by an owner(s).
Like most other types of real estate, lots owned by private parties are subject to a periodic real estate tax payable by the owners to local governments such as a county or municipality. These real estate taxes are based on the assessed value of the real property; additional taxes usually apply to transfer of ownership and property sales. Other fees by government are possible for improvements such as curbs and sidewalks or an impact fee for building a house on a vacant lot.
Read more about Land Lot: Definition and Boundaries, Development and Use
Famous quotes containing the words land and/or lot:
“The seashore is a sort of neutral ground, a most advantageous point from which to contemplate this world. It is even a trivial place. The waves forever rolling to the land are too far-traveled and untamable to be familiar. Creeping along the endless beach amid the sun-squall and the foam, it occurs to us that we, too, are the product of sea-slime.”
—Henry David Thoreau (1817–1862)
“I see a lot of fog and a few lights. I like it when life’s hidden. It gives you a chance to imagine nice things, nicer than they are.”
—Ben Hecht (1893–1964)