For residential properties, the lot size can influence the desirablity of one home over another. For instance, many buyers seek and will pay more for homesites which offer "privacy in the back". The deeper the homesite dimensions, the more sense of privacy a homeowner can acheive.
The accuracy of the lot size is essential in both residential and commercial properties as a critical component of the total value of the property. If there is a discrepancy between the lot size quoted in the listing contract and the actual lot size, the surveyed lot size prevails. Other terms associated with lot size are:
Ø floor area ratio—or the ratio of the floor area to the land area on which the building sits.
Ø livability space ratio—requires a minimum square footage of non-vehicular outdoor area in a development for each square foot of total living area.
Ø front footage—the linear measurement of a property along the street line or water line, always given first when dimensions are stated (of a lot measures 100’ x 200’, then the first dimension given or 100’ refers to the front footage.
Ø setback—the amount of space required between the lot line and the building line.