Understanding what the legal term “parcel” means is a fundamental piece of knowledge needed by businesses and their professionals when it comes to efficiently navigating the business world. In a broad sense, it is used to describe a group of rights associated with land, but there is much more to the term than meets the eye.
The Definition
In legal terms, a parcel is a piece of land with visible boundaries that has clear ownership. It refers to both the land itself and all the rights associated with that land, such as the right to develop or sell it. There is often also associated rights and protections that come with the ownership of a parcel of land, such as zoning restrictions and usage rights.
A Familiar Parcel
To give an example of a parcel, think of the suburban backyard. The home itself is built on a parcel of land with defined boundaries. The homeowner has ownership of the land and the associated rights to it, such as the right to plant a garden or invite guests over. However, they also have limitations, such as adhering to zoning regulations or restrictions on harvesting certain plants.
The Exceptions
There are, however, some exceptions to the definition of parcel when it comes to legal jargon. In certain contexts, parcel can also refer to a non-ownership right. For example, a company may own a mining lease in another company’s parcel of land, affording them the right to mine minerals within the boundaries of the other company’s land.
Conclusion
Parcel is an important concept to understand when it comes to business operations and legal matters. Knowing what a parcel is and how it can be utilized can help businesses make informed decisions and better navigate the corporate world.