Definitions of common terminology used by the Real Estate Department and the LRA.
A side lot is vacant land, up to 25 front feet, and under certain circumstances up to 30 front feet, to be sold as additional side yard to the owner of an adjacent residential property. Exceptions may be made for lots over 30 front feet if the parcel is not deep enough for structural development, irregularly shaped, in an area where development is unlikely and maintenance is a problem, surface conditions do not lend themselves to development, or the building code in that area requires a wider lot. These exceptions will be made on a case by case basis. This assumes the lot is not next to other vacant lots, either LRA owned or privately owned. An individual may only purchase one side lot.
Small Parcels of Vacant Land
Small parcels of vacant land are vacant lots consisting of less than an acre that do not meet the definition of a side lot.
Large Parcels of Vacant Land
Large parcels of vacant land are vacant lots consisting of one acre or more.
Vacant and Residential Buildings
Vacant residential buildings are one-to-four family flats. These are usually building shells containing no systems and are in need of total renovation. They are purchased by individuals and by small investors who renovate them and live in them, hold them as rental property or offer them for sale.
Large buildings include residential buildings of more than four units as well as commercial, industrial and mixed-use properties.
Right of Re-Entry
This requires the purchaser to complete their renovation or new construction on the property within 12 to 18 months. All LRA property is sold with a Right of Re-Entry clause in the deed. If the property has not been completed as promised within this time frame, LRA may pursue legal action to reclaim the property. The LRA uses and will enforce an 18 month right of re-entry to encumber property. This prevents speculation and encourages completion of the renovation. Follow-up inspections by staff, 16 months after closing, will determine if the property has been completed.