Definition of "Lot line"

Lynn Leaders real estate agent
Lynn Leaders, Real Estate Agent HEARTLAND PROPERTIES

Have you read “Lot line” on a contract and wondered “ What is a Lot line”?

There’s really no mystery. It’s pretty much what you think it is. Lot lines are lines to limit the size and shape of a real estate lot. Lot lines exist to set the boundaries of a lot described in the plat book.

In the end, Lot Lines exist to determine ownership of land (and everything in it) and, with that, assert responsibility for any environment crimes, liability, trespassing etc.

Typically, lot lines have subdivisions to pinpoint each area. A regular squared sized lot will have a Front lot line – the side that faces a public street – its counterpart (the rear lot line) and two side lot lines. However, imagine a house on the corner of 1st Avenue and 20th Street: because it faces both the 1st Avenue and the 20th Street, it would need to have two front lot lines, right? As the more complex the lot gets, the more complicated gets the denominations.

Real Estate Agent tip:

Don’t set a lot line to the map of your knowledge. Real Estate requires you to know as much as you can to get the best deals possible, and – most importantly – so you don’t fall face down on the floor. Here’s the map to your destiny: read as much as you can of our Real Estate Glossary Terms, and then contact one of our real estate agents to help you out!

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Comments for Lot Line


Alex Staniforth Alex Staniforth said:

Thank you for your help in defining a 'finished lot'. Would you be able to give me an estimated breakdown of building to land value for an average $550,000 single family home? A broad estimate would be welcome. Best, Alex

Aug 14, 2018  04:07:48

 
Real Estate Agent

We can't. But you said California, right?  Our California Real Estate Agents can - and, actually, you can go even more hyperlocal and find a real estate agent from the exact city to guide you through this calculation that needs more data to be figured out. There's a lot of details that go into making that assessment, even for a broad estimate, so you should contact a professional. Lucky for you, we have the best ones, and contacting them is 100% free! Hopefully, they will help. Good luck!

Aug 14, 2018  10:47:30
 
Alex Staniforth Alex Staniforth said:

I'm trying to understand the definition of 'finished lot' - I need to understand the proportion of property value assigned to land and building for Californian properties in particular. E.g. if property @ $1M, then how much value stems from land and how much from the building?

Aug 13, 2018  12:46:12

 
Real Estate Agent

Hey Alex,

Gee... We're sorry to break it to you, but there's no real good way to generally assign value percentage stemming from land vs. building. This assessment can only be done case-by-case, and that's usually the work of a home Appraiser. A fancy dwelling within an up and coming neighborhood will have a different percentage than a fabric hut in the most upscale area in town.

Regarding finished lot: it's an area ready for housing - with water, sewer and road access - but no dwelling built on it. Whereas the lot line is just the marks that set the boundaries of this lot - finished or developed with dwellings on it.

Hope we've helped!

Aug 13, 2018  14:28:34
 

 

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