What does the term "dedication" refer to in real estate?

The term "dedication" in real estate refers to a voluntary gift of land to the government, usually for public use, such as roads, parks, or other community facilities. This process is often done by a property owner who wishes to support public infrastructure or the community at large. When a property owner dedicates land, they transfer ownership of that land to a government entity, typically accompanied by legal documentation to formalize the transfer. This can enhance the value of surrounding properties and benefit the public by providing essential services or amenities.

In contrast, the other options do not align with the established definition of dedication. A mandatory sale to the government implies a forced transaction, which differs from the voluntary nature of dedication. Securing off-market transactions typically involves private agreements between buyers and sellers, rather than public contributions of land to government entities. Lastly, determining property value is an appraisal process that assesses market conditions and property attributes, unrelated to the concept of dedication.