Real Estate Term of the Day: Lot Line & Survey
LOT LINE – a line bounding a lot as described in a property survey (Barron’s Dictionary of Real Estate Terms)
Source: Barron’s Dictionary of Real Estate Terms
SURVEY – 1. the process by which a parcel of land is measured and its area ascertained and 2. the plan showing the measurements, boundaries, area, and contours (Barron’s Dictionary of Real Estate Terms)
Source: Barron’s Dictionary of Real Estate Terms
An ILC (Improvement Location Certificate) is an abbreviated version of a survey that many home buyers purchase as an alternative to a true survey. The purpose of an ILC is to provide the location of the structures and improvements in relation to property boundaries
Below is an example of a survey:
Source: http://huntsvillelandsurveying.com/services/lot-survey/
