Glossary

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Free-Market Lots
Free-market lots refer to individual property lots that any home builder can build on. For example, owners of free-market lots can pick the builder of his or her choice to construct a home on that particular lot. Conversely, owners of property lots that are not considered free-market lots may be required to use one specific builder. This may occur when the builder has contracted to develop numerous homes within a designated vicinity; therefore, lots in the specified vicinity would not be considered free-market lots. One advantage to owning a free-market lot is that one can request bids from several builders, then choose the builder that best suits his or her needs. For instance, one builder may construct less-contemporary homes than another builder, and one wants the freedom of selecting a builder that can create the ideal home.