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Land and Land Use Rights

In the context of real estate, the word “land” is commonly understood to be a piece of ground considered as property. A lot or plot is a tract of land owned or with the possibility of ownership, and it is considered a parcel of Real Property. As with most types of real estate, land owned by private parties are subject to a periodic real estate tax, which is paid to local governments such as a county or municipality.

 

A lot has defined boundaries and can come in nearly any shape or size. A single lot must be contiguous, and it is not necessary to clearly mark boundaries. However, frontage—a part of the boundary next to a street or road—is often desired. Developers attempt to provide at least one side of frontage for easy access and transportation.

 

The sale of rural land is slightly different. It includes an undeveloped area, usually as a parcel or tract of several acres of a ranch and most often refers to the sale or acquisition of just land—not something classified as Real Property. These tracts of land do not contain buildings.