Real Estate Law

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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.
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