A Blue Top Lot refers to a parcel of land that has achieved specific legal and physical readiness for development, typically including entitlements, grading, and close proximity to utilities. Variations exist in definitions regarding the presence and status of street improvements.
A building lot is a parcel of land designated for building purposes, typically within a defined community, subdivision, or urban development plan. These lots are often equipped with the necessary infrastructure and utilities such as water, electricity, and sewer systems.
A Completion Bond is a legal instrument designed to guarantee the completion of a development according to predefined specifications. It extends beyond a performance bond by ensuring the production of the entire development without reference to specific contracts and without requiring payment to the contractor.
Development refers to the process of adding improvements to a parcel of land, which can include drainage, utilities, subdividing, access, and buildings. It encompasses all activities from the preparation of detailed plans to securing government permits and the actual construction.
A feasibility study is a detailed analysis aiming to determine the viability, risks, and profitability of a proposed real estate development, ensuring that the project fulfills investors' objectives and aligns with market demand.
A Final Plat is a detailed map that provides the specific boundaries of each lot and utility easements in a subdivision, suitable for public recording. It marks the transition from conceptual planning to legally recognized property descriptions.
A flag lot is a method of subdividing land into individual parcels in such a way that compliance with local subdivision regulations can be avoided. Owners define each lot with a minimal amount of road frontage to gain exemptions and avoid regulatory compliance and expenses.
In real estate, an inside lot refers to a plot of land within a subdivision that is enclosed by other lots on its sides, rather than a corner lot which has road frontage on at least two sides.
A lot is an individual parcel of land within a subdivision's plat. This land unit must have the appropriate zoning designation to be considered buildable and suitable for construction.
Minimum lot area refers to the smallest building lot area allowed within a subdivision, usually determined by a zoning ordinance. This requirement helps to establish the maximum building density for the subdivision.
A parcel is a defined piece of property under one ownership. It can be a standalone lot or part of a larger subdivision.
A plat is a detailed map or plan of a specific land area that outlines property boundaries, lot sizes, easements, utility locations, and streets. It is often used in real estate to provide a clear depiction of a subdivision or parcel of land.
A platted lot is a parcel of land that has been surveyed and officially recorded on a final plat map, typically within a subdivision. This process includes specifications of lot boundaries, street locations, and utility installations.
A Release Clause in a mortgage is a provision that allows the borrower to pay off a portion of the mortgage debt, thereby freeing a corresponding portion of the property from the mortgage lien. This is especially useful for subdivided properties or developments where individual parcels are intended to be sold separately.
Subdivision refers to the process of dividing a tract of land into smaller lots, typically for the purpose of homebuilding or development. This process often requires recording a subdivision plat in accordance with state and local regulations.
A large area of land, usually subdivided into smaller parcels for the purposes of development or sale.
A tract house refers to a dwelling that shares a similar style and floor plan with other houses in a development. This type of construction is commonly used in subdivisions and is often associated with mass production techniques.
