The act of acquiring ownership or possession of a piece of land by paying a certain price for it. In the context of western territories, it refers to the process through which settlers could buy land at low costs.
Related terms
Homestead Act: A law passed in 1862 that offered free land to any American citizen or intended citizen who was willing to develop and cultivate it.
Land Speculation: The practice of purchasing large amounts of land with the expectation that its value will increase over time, often leading to inflated prices.
Public Domain: Land owned by the government that is available for public use or settlement.