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Questions on Land Lot

A land lot is a parcel of land that is owned or meant to be owned by one or more people or a legal entity like an organization, corporation, government, or trust. Similar to other kinds of real estate, private parties who own land lots need to pay real estate tax to the local government. The taxes are calculated on the assessed value of the real property. Additional taxes are incurred when the lot is sold or ownership is transferred.

Listed below are a few questions answered by the lawyers on land lot related issues.

When I went to sign a reservation agreement on a developer’s residential land lot, I was asked to pay a reservation fee of $1000. After I filled out the paperwork, wrote my check, and got copies of the documents, the agent called to say that the lot was actually double-reserved and I had to move to another lot. What legal recourse do I have here?

You can take action against the developer and the agent for misrepresenting the information. You can claim damages which amount to the difference in value between the lot you initially reserved and the one now being given to you.

Whether the lot you want is less or more valuable than the second one being offered to you is not the point. Since all real estate is unique in its own way, you can say the first property has more value so you will be entitled to claim the difference, since the second property can’t give you the same set of attributes. In case the first property is lower in value, you can say that the second property is too expensive to afford, so you should be able to buy it for the same price as the first property.

However, if you accept the new deal being offered to you, you will waive your right to sue anyone. The choice is up to you. For more help on this issue, you may want to visit a civil litigation attorney.

How do I obtain a complete legal description for a residential lot that is situated in Atlanta, Ga?

This information is usually kept by the county property appraiser and you should be able to obtain the entire legal description from them. In case they don't have it online, the county clerk of court may have some official land records online, and you can check with them and obtain the legal description off a deed.

I bought a land lot in Pennsylvania from a builder but got a new builder to build the home. Later, I found that the lot that I was assigned was completely different from the one that I signed for. The salesperson denied everything and I couldn’t fight the case since I had already signed for the lot. For the past three years, I have been paying taxes and money on the property to the bank. Can I still file a civil suit?

Yes, you should be able to sue for breach of contract since the statute of limitation is four years. Unfortunately, you can’t file for a fraud suit since you are past the statute of limitations for this which is two years.

A lot is not the same as a tract of land. A lot is usually a piece of property or real estate that is legally defined and is owned by a specific person or a specific group. A tract of land, however, can be used to define a few acres, square miles, or a large identifiable area of land. When tracts are sold, they are usually surveyed and divided into individual lots that can then be sold to individuals or corporations who will get them registered at the local government office.

Ask a Real Estate Lawyer

Tina
Tina, Lawyer
Category: General
Satisfied Customers: 5379
Experience:  17 years of legal experience including real estate law.
4460311
Type Your Real Estate Law Question Here...
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Real Estate Lawyers are Online Now

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  • 100% Satisfaction Guarantee
    Rate the answer you receive.

Real Estate Lawyers are online & ready to help you now

Tina
Lawyer
Satisfied Customers: 4813
16 years of legal experience including real estate law.
Law Pro
Lawyer
Satisfied Customers: 6227
20 years extensive experience in real estate law, foreclosure, finance, and landlord tenant law.
Barrister
Lawyer
Satisfied Customers: 4966
13 years real estate, Realtor. Landlord 24+ years

Recent Land lot Questions

  • I belong to a small neighborhood association of only 16 parcel

    I belong to a small neighborhood association of only 16 parcel owners, with only 6 homes in the development.
    There are CCR's but they really haven't been enforced. The CC&R's allow for an Architectural committee to enforce the CC&R's to some degree.
    What is the benefit of an HOA? Without one, how do we go about changing or updating CCR's?
    Kim
  • My wife and I are California residents and have filed bankruptcy

    My wife and I are California residents and have filed bankruptcy in 2008. It was discharged in Oct. 2008. Included in the bk was all commercial credit, business assets, investment property, and the 2nd mortgage on our primary residence. We restructured our first mortgage a year and a half later under the HUD program. Would we be able to refinance the first mtg to a shorter term? If so, would we be obligated to pay the 2nd which was discharged? Also, can I sell the house without being responsible for the 2nd off.
    Thank you,
    Darren Acosta
  • Here is the situation, I decided to buy a condo. Contacted

    Here is the situation, I decided to buy a condo. Contacted a mortgage company and got prequalified, then found a condo for sale by HUD that had FHA financing listed as one of the options. I bid on it and won. Later my mortgage company told me that this condo does not qualify for FHA, not sure how this is possible if seller is HUD non the less, the mortgage company offered to redo everything into a conventional loan with 5% down. I agreed now with days before closing , they are telling me that loan can not be approved and they are not able to provide a specific reason why. There were no changes in my income , no changes in my credit score or debt to income ratio. My question is " What can i do , this all sounds a bit funny, is anyone familiar with similar situations. How can they say NO since i have the pre qualification letter. Thank you
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