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    Definition of dedication

    Dictionary of Business Terms: dedication
    dedication

    conveyance of land as a grant to the public by a private owner and acceptance of that land on behalf of the public. For example, a company buys a large area of land on which it plans to locate its national headquarters. To promote goodwill between the company and the surrounding communities, the company dedicates a portion of the land to the county parks committee, which accepts permanent ownership of the land.

    Dictionary of Real Estate Terms: dedication
    dedication

    the gift of land by its owner for a public use and the acceptance of it by a unit of government.

    Example: A developer of a large subdivision makes to the local government a dedication of the streets, the flood-prone areas and one acre of land for a public school. This obligates the government to maintenance of these areas and relieves the developer of a property tax liability on the dedicated lands.

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