Lot Coverage

Definition

The percentage of a lot occupied by buildings, determined by zoning regulations. It prevents your entire property from becoming a house with no yard.

Example Usage

Our lot coverage was limited to 60%, requiring us to leave 40% of the property as open space.

Origin

Straightforward: 'coverage' of the lot by structures

Fun Fact

Lot coverage restrictions are a key tool for maintaining neighborhood character and flood prevention

Source: Local zoning ordinances

Related Terms

Beginner

assessment

The official determination of value or worth, whether it's property taxes, student performance, or your likelihood of success in a new role. Assessments are how institutions quantify the unquantifiable and then make important decisions based on those numbers. It's the bureaucratic art of turning subjective judgment into objective-looking reports.

🏠 Real Estate

Intermediate

LTV Ratio

Loan-to-Value ratio—the percentage of the property's value you're borrowing, expressed as a percentage of the purchase price.

🏠 Real Estate

Intermediate

Covenants, Conditions, and Restrictions (CC&Rs)

Limitations on property use recorded in the deed, binding future owners. They're the previous owner's way of controlling your property forever—kind of a creepy form of real estate haunting.

🏠 Real Estate

Intermediate

construction lien

A legal claim filed by contractors, subcontractors, or suppliers against a property when they haven't been paid for work or materials. The construction industry's way of ensuring they don't become involuntary donors.

🏠 Real Estate

Advanced

gift of equity

When a seller (usually a family member) sells a property below market value and treats the difference as a down payment gift. It's nepotism in real estate form, and the IRS has feelings about it.

🏠 Real Estate

Intermediate

liens

A legal claim on someone's property that says 'you owe me money, and I'm holding this hostage until you pay up.' These financial handcuffs ensure creditors get paid before you can sell or refinance. Think of it as a sticky note from the law that won't come off until the debt is settled.

🏠 Real Estate

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