Real Estate Term of the Day: Lot Line & Survey

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)

Lot Line

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)

Survey

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:

Survey Example

Source: http://huntsvillelandsurveying.com/services/lot-survey/