Friday 26 August 2011

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.

Sometimes, some may refer to a lot as a rather 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. Real estate taxes are assessed based on the value of the real property. Sometimes there are also taxes when a lot is sold based on the sale price. 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.