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Land |
| The surface of the
earth, not covered by water. |
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| For real estate
purposes, land usually referred to as raw
acreage, raw land, vacant land or unimproved
land. |
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Land (Site)
Valuation |
| Land (Site)
Valuation: the process of estimating the
value of Land. Typically, valuation involves
market value, that is the highest price
in terms of money assuming a willing buyer
and seller and a reasonable exposure in the
marketplace. |
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| The
direct comparison approach is the most
common of several methods of valuating land. |
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| The most common units
for comparison are: price per front foot,
price per square foot, price per lot, price
per acre/hectare. |
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Land Bank |
| Land acquired and
held for some future purpose. |
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| Usually used by
government acquisition of lands to be used
for future development and use. |
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Land Capitalization Rate |
| Land Capitalization
Rate is a capitalization rate based on
direct capitalization that converts the
annual income stream for the rental of land
to an estimate of value. |
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Land
Contract |
| A contract for the
purchase of real estate (land) on an
instalment basis. Upon payment of the last
instalment, the
deed
is delivered to the buyer. |
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Land
Description |
| A written description
by which the property is precisely
identified, often referred to as the legal
description. |
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Land
Development Method - Site Valuation |
| An appraisal method
that is one of four techniques used to
arrive at the value of a parcel of land and
is normally applied when comparable sales
are not available to use the more particular
direct comparison approach. |
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Land Improvements |
| Expenditures incurred
in the process of brining land to a useable
condition, e.g. cleaning, landscaping and
servicing. |
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Land
Lease |
| A lease only
involving the rental of land (also know as
the Ground Lease). A land lease is usually
for a long duration, involving a tenant who
builds a building structure on the said
land. The building is a security for rental
payments and if the tenant defaults, the
landlord may terminate the lease. Land Lease
may prove attractive to land owners in
highly demanding areas, furthermore the
tenant can build a building while avoiding
additional capital outlays for the property.
The tenant by doing so can leverage existing
financial resources and potentially use the
land at a lover cost than if the land was
purchased. |
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Land
Ratio |
| The proportionate
value of land in relation to the total
property value. Usually used in appraisal
reports to distinguish between the value of
land and that of a building structure. |
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Land
Severance |
| A consent granted by
an appropriate authority for the division of
land, provided that certain conditions are
met as dictated by the appropriate ministry
or department pursuant to provincial
planning legislation. |
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Land Titles |
| A system of land
registration in which the government
certifies the accuracy of title as shown on
the record. |
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Land
Transfer Tax |
| A tax imposed on the
real property typically calculated on the
value of the property being registered in a
land registration office. |
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Land Use Designation |
| Intended use of all
lands within a prescribed area, often
referred to as the land use categories ore
the land use zones. |
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| Individual land use
designations are subsequently broken down
into applicable regulations. e.g. specific
type uses, permitted structures, and
detailed specifications. |
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| Typical Land
Use Designations - Urban |
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RR |
Rural
Residential |
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F |
Flood
Plain |
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PR |
Parks
and Recreation |
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PR-L |
Park
- Landfill |
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C |
Commercial |
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OI |
Office and Industrial
Buildings |
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CE |
Regional Shopping Centre
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M |
Industrial |
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R1 |
Single Family Residential |
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R2 |
Two
Family Residential |
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RM |
Multi
Family Residential |
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MH-P |
Mobile Home Park |
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Typical Land Use Designations -
Rural/Recreational |
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EP |
Environmental
Protection |
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RU |
Rural |
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RE |
Recreational
Open Space |
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HR |
Hamlet
Residential |
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RR |
Rural
Residential |
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ER |
Estate
Residential |
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SR1 |
Shoreline
Residential Type One |
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SR2 |
Shoreline
Residential Type Two |
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SR3 |
Shoreline
Residential Type Three |
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RTP |
Recreational
Trailer Park |
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C |
Commercial |
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M |
Industrial |
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D |
Development |
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Land Use Regulations |
| Regulations imposed
by municipal authorities and provincial and
federal governments relating the use of
land. |
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| Such regulations can
involve a wide array of requirements and
restrictions for such items as; flood
management policies, grading and site
requirements, zoning bi-laws and
building-code restrictions. |
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Land Use
Study |
| A detailed study
normally produced for developers and
investors setting out various development
options based on the highest and best use
for a particular parcel of land or the
anticipated highest and best use based upon
a chance of use through re-zoning. |
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| Land use studies,
also referred to as feasibility studies,
must be clearly defined to avoid
misunderstandings as to the purpose and
type of value estimate required. |
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| Land use studies may
also be used in the planning process at the
municipal level. |
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Land/Building Ratio |
| The land/building
ratio is based on the measurement of
property, e.g. total land area in relation
to gross building area (external
measurements, excluding any unenclosed
areas). |
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Landscaping |
| The planting of
shrubs, grass and trees including
alternations to the contours of the property
to improve the overall aesthetic appeal of
the site. |
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| Landscaping often
forms part of the requirements in site plan
control agreements and zoning requirements,
particularly in regard to buffer zones
facing adjacent properties. |
