Parcel
In real estate, a “parcel” refers to a specific piece or tract of land that is defined and delineated by legal boundaries, typically for the purpose of ownership, development, or transfer. A parcel may consist of one or more contiguous lots or parcels of land that are combined or subdivided into a single unit for legal or practical purposes.
Key aspects of a parcel in real estate include:
1. Legal Description: A parcel is defined by a legal description that specifies its boundaries, dimensions, and location. The legal description may include reference to survey maps, metes and bounds descriptions, lot numbers, plat maps, or other official records used to accurately identify and delineate the parcel.
2. Ownership: A parcel of land may be owned by an individual, corporation, government agency, or other legal entity. Ownership of a parcel confers certain property rights and interests, including the right to possess, use, transfer, and dispose of the land, subject to applicable laws, regulations, and restrictions.
3. Development Potential: Parcels of land vary in size, shape, location, and suitability for development. Some parcels may be vacant or undeveloped land, while others may contain improvements such as buildings, structures, or infrastructure. Parcels with development potential may be zoned for residential, commercial, industrial, agricultural, or other uses, depending on local zoning regulations and land use restrictions.
4. Transfer of Title: Parcels of land can be bought, sold, transferred, or conveyed through legal instruments such as deeds, contracts, or leases. The transfer of title to a parcel typically involves the execution of a written agreement between the seller (grantor) and the buyer (grantee), which is recorded in the public records to provide notice of the change in ownership.
5. Taxation and Assessment: Parcels of land are subject to property taxation and assessment by local taxing authorities based on their assessed value, which may be determined by factors such as location, size, zoning, and land use. Property taxes are levied annually on the assessed value of the parcel and are used to fund local government services and operations.
In Virginia, the legal framework governing parcels of land is established by state laws and regulations, including the Virginia Property Code, the Virginia Land Use Code, and local zoning ordinances and land use regulations adopted by city and county governments. These laws govern various aspects of land ownership, development, use, and transfer, including property rights, land use planning, subdivision regulations, and zoning requirements.
Property owners, developers, and real estate professionals should be familiar with the applicable laws and regulations governing parcels of land in Virginia to ensure compliance with legal requirements and to effectively manage and utilize their real estate assets.