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GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

How often this word is used
 
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38% - Moderately

Land Lot


Synonyms:land plot, lot, plot
Filed Under: real-estate
Tags: realty
 

Definition of land lot

land lot
1. 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.

Related Terms and Acronyms:

  • acre foot (AF)   The water or other material needed to cover an acre of land one foot deep. Equivalent to exactly 43,560 cubic feet.
  • arpent   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.
  • investment property   Property bought with the hope of it making money.
  • key lot   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.
  • plat   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   A levy by a city on real estate and personal property whose amount varies depending on the property's value.
  • property value   The worth of a piece of real estate, based on the price a buyer and seller would negotiate.
  • subdivide   To split something (like a plot of land) into smaller sections.
  • survey (srvy)   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.
      ➥  As in surveyed land.
  • zoning   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.

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