Definition of "Plot"

The meaning of plot refers to a parcel or a small lot. A plot is essential in determining the land cost. Additionally, it defines a diagram or schematic drawing of a building or piece of land. Note that some countries use the term lot for the plot.

Understanding a plot’s size

Land surveys broke down the land into a grid pattern in the Midwest US for farms and ranches. There, a square is 640 acres by default. Thus, 40 acres is a quarter-mile on each side. A regular standard plot of land to produce crops and raise animals varies from 40 acres to 640 acres. 

What does plot mean in real estate?

The meaning of plot in real estate conveys a defined parcel of land that presently is or will be in land ownership, in other words, retained by a landowner. In certain countries, you’ll find the term plot as a parcel of real property or immovable property. One or more individuals or even corporations, governments can own a plot.

Taxes you must pay when owning a plot

In addition, one can refer to a plot as a small and empty area, for example, a car park or garden plot. The plot owners have to periodically pay a real estate property tax to the county for their land like any property. The local government calculates the tax based on the assessed value of the real estate. 

Owning an empty plot may come with unexpected financial obligations like hidden costs of traditional homeownership. Moreover, additional plot taxes are due once a transfer of ownership occurs at property sales. Sometimes the government can impose specific fees for plot improvement purposes, such as building sidewalks and curbs. They can also determine what buildings they permit on a plot in zoning ordinances. Under such circumstances, we can refer to areas and properties zoned for residential buildings, for agricultural, commercial, or industrial use.

Plots deeds

Initially, the government granted individuals and companies plots in land patents. The seller signs a warranty deed and records it at the county recorder’s office to transfer a plot’s ownership. In the deed, officials must specify the metes and bounds description with the plot’s well-defined boundaries in a recorded plat diagram.

Improving a plot’s value

One can raise a plot’s value by plottage in real estate, meaning you link multiple fields into one single parcel. Contact local real estate agents if you’re interested in buying or selling a property or land!

image of a real estate dictionary page

Have a question or comment?

We're here to help.

*** Your email address will remain confidential.
 

 

Popular Real Estate Terms

Bond whose interest is free of federal, state, or local tax in the state of the issuer. It is typically a municipal bond of estate or county agency. For example, a New York City resident ...

Date of the valuation of property, usually contained in a report. ...

Right of tenant to make use of a property's wood or food producing capacity to provide for his or her own necessities. ...

making land more beautiful to look at by adding improvements such as lawns, trees, and bushes. Increases the value of the property. ...

What does the word draw mean in domain-specific terminology? A draw means a specific sum of money or other valuables that a person or company transfers to another for personal (or business ...

Also known as “cap rate” or “income yield”, Capitalization Rate is a useful way to compute the rate of return on a real estate investment. It is commonly used in the ...

House that can be bought at a low price because it is in poor condition. A buyer who is handy may find it attractive because he can personally make the needed repairs without hiring others. ...

One who sells real estate or other products. ...

Has not been registered on the companies books. It belongs to the person holding it. See also bearer bond; bearer instrument. ...

Popular Real Estate Questions