Residential lot is a piece of land which is for housing purpose. Big land development where the large portion of lot is divided into smaller cut are commonly called today as subdivision. The subdivided lots are sold out to different lot owners.
Each developer could give specific restrictions on what an owner could build to the lot. Depending on the target buyers, location of the subdivision and many other factors, prices of residential lot varies.
Anyone who has legal ownership of the property is entitled to control the lot. The extent of this ownership is dependent on the deed of property.
Inside the subdivision there are different type of lot, this depends on the characteristics of the lot.
