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Simple English definitions for legal terms
plottage
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A quick definition of plottage:
Term: PLOTTAGE
Definition: Plottage is when you take small pieces of land that are not developed and put them together to make a bigger piece of land. This makes the bigger piece of land more valuable than the smaller pieces were before they were combined.
A more thorough explanation:
Definition: Plottage refers to the increase in value that is achieved by combining small, undeveloped tracts of land into larger tracts of land.
Example: Let's say there are two adjacent plots of land, each measuring 1 acre. One plot is worth $100,000 and the other is worth $120,000. If these two plots are combined into one larger plot of 2 acres, the value of the combined plot may be more than $220,000. This is because the larger plot may be more desirable to potential buyers or developers, and may have more potential for development or other uses.
Explanation: The example illustrates how plottage works by showing how the combination of two smaller plots of land can result in a larger, more valuable plot. This can be beneficial for landowners who want to sell their property, as well as for developers who want to create larger, more valuable parcels of land for development or other uses.