Outlot means and refer to a lot of record in a subdivision, nonresidential center or planned unit development which is adjacent to a (public or private) street, roadway or frontage road and is intended for an additional and separate building or buildings within a development.

What is the definition of an Outlot?

: a lot situated outside the corporate limits of a town or city.

What is the difference between a parcel and a tract of land?

Texas Lots and TractsLots are generally somewhat organized in layout – like the two examples above. Then we have tracts, which is a sort of a catchall category for lands that don't fall nicely within that organized system. ... A parcel, on the other hand, is a much more dynamic creature.

Is a plat the same as a parcel?

One of the main differences is that platting tends to cover more parcels than a land survey. The other main difference is that platting shows planned improvements, while surveys show improvements already made on the land, such as buildings. ... Plats must be filed with the county.

What is an Outlot quizlet?

What is an outlot? An outlot is a lot depicted on a plat which is normally not a buildable lot. May be a remnant or unusable portion of land or set aside for detention or set aside for development in conjunction with an adjacent lot.

Process of subdivision of land in Kenya

What is residual land valuation?

Residual valuation is the process of valuing land with development potential. The sum of money available for the purchase of land can be calculated from the value of the completed development minus the costs of development (including profit).

What does highest and best use mean in real estate?

Highest and Best Use, Defined

The reasonably probable and legal use of vacant land or an improved property that is physically possible, appropriately supported, and financially feasible and that results in the highest value.

What is subdivision plat?

A plat or subdivision plat is a map drawn to a specified scale that shows the division of a tract of land. ... Additionally, plats show the boundaries of all proposed easements, alleyways, and streets that are adjacent to or contained within the tract being subdivided or assembled.

Why do I need a plat?

Plats ensure property owners don't trespass on another's property, land for public use remains public, lots comply with zoning rules and restrictions, and all property owners have access to utilities. Plats also control the growth of cities.

What does a plat number look like?

Most plat maps have these numbers in feet. You'll see the parcel boundary as a straight or dotted line marking the dimensions of the piece of property, as well as separating it from adjacent parcels. The large number in the middle of the property, the one underlined, bolded, and/or italicized, is the parcel number.

How many acres is a tract?

A tract is simply a designated portion of property. Most commonly, a tract of land is called a 'section', which is 640 acres.

Is a parcel an acre?

Acre: 43,560 square feet of area. For example, a residential parcel of land that is 52' x 100' is 5,200 square feet which is 0.12 acres. The term gross acre means all land within a given boundary. The term net acres means all land measured to remove certain features such as reads, utilities, and open space.

What is a large tract of land?

A tract of land is a very large area of land. A vast tract of land is ready for development. Synonyms: area, lot, region, estate [British] More Synonyms of tract.

Is a plat as good as a survey?

While plat maps are an excellent reference and legal proof of a property's ownership boundaries, a survey takes verification a step further for added protection.

How much does a replat cost?

the replat must be obtained and submitted with application. 3. FEE SCHEDULE: A base fee of $300.00 + $25.00 per lot (if applicable) is the required fee to be paid to the County.

How long is a plat of survey Good For?

Land surveys usually last 5 to 10 years after they are completed, so if the previous survey was done a long time ago, it's probably a good idea to get a new one done even if you locate the official document.

What is the map called that shows property lines?

Read The Property Line Map, Or 'Plat'

A plat is typically included with your property's paperwork, available at your local assessor's office, or accessible online.

When a land is subdivided A plat is?

Subdivision platting is the process of splitting one larger piece of land into several smaller parcels of land and drawing a map (or plat) of the new subdivision, often for the purpose of selling off the parcels individually.

How is a plat recorded?

For most surveyors, the record plat of a subdivision is the starting point in the surveying process. Subdivision plats are recorded documents and are available through your local Recorder of Deeds office located at your county court house.

What are three basic thresholds which must be met for a use to be the highest and best use?

The reasonably probable and legal use of property, that is physically possible, appropriately supported, and financially feasible, and that results in the highest value.

What must be determined first before a property can be valued using the income approach?

ft. A property's net operating income must be determined before a property can be valued using this appraisal method...?

What is the first test of highest and best use?

The four tests of highest and best use are: (1) legally permissible (2) physically possible (3) financially feasible and (4) most profitable. The first two tests are interchangeable in order and, in many circumstances, the last two are combined.

What is a residual calculation?

Mentor: Well, a residual is the difference between the measured value and the predicted value of a regression model. ... To find a residual you must take the predicted value and subtract it from the measured value.

How do you value a residual land?

The residual land value is what's leftover once you deduct the costs/profit margin from the gross development value. For a private developer, the maths is easy: sales income less expenditure equals residual land value. Once the properties are sold then they move on to the next development.

Why is residual land value important?

If you end up paying too much money for the land or go over on expenses, you could end up losing money. Calculating the residual land value helps determine the potential profitability of the land once all expenses from developing it are accounted for.