Raw Lots vs Paper Lots vs Finished Lots

[Connor Roberts]

I'm looking for the legal definition of "paper lots" and was hoping that someone might be able to point me to a good source. I have google and researched, but this seems to be a industry term and not a legal/textbook term. 

[Carini Rochester]

While I have not heard the term 'paper lot,' I'll take a shot at it.

The subdivision has been engineered, drawn, surveyed, approved by the municipality, filed with all offices (D.O.T., county surveyor, water district, etc. but no work has been done in the field. The road is not in, the water main not installed, the sewer main and laterals not installed, etc.

Just having the engineering done, and the plan approved, adds significant value to the land, and makes it attractive to a developer who now, doesn't have to go through all that work.