A parcel of property is a piece of land that is owned by an individual or organization. It is usually referred to as a LOT, which is a three-letter word. A parcel of property can be used for a variety of purposes, such as residential, commercial, or industrial development. It can also be used for recreational activities, such as camping or fishing. The size and shape of a parcel of property can vary greatly, depending on the purpose for which it is intended.