Which term refers to the act of merging multiple lots into a single larger lot?

The term that describes the act of merging multiple lots into a single larger lot is assemblage. This real estate practice is commonly utilized to increase the value of a property by consolidating smaller parcels of land for various development purposes. By combining multiple lots, property owners can create a more desirable and larger piece of property that can facilitate building projects more efficiently or attract larger buyers.

Plottage, a related concept, refers to the increased value that results from assemblage, rather than the act of merging the lots themselves. The point of beginning is a term used in boundary surveying to indicate the starting point of a legal description, and principal generally refers to the main party involved in a transaction or agreement, often in the context of an owner or financier. Understanding these terms and their specific meanings is essential for real estate professionals, especially when dealing with property development and valuation.