Legal Description Of Property
Definition of "Legal Description of Property"
The legal description of property is a legal instrument to determine as best as one can, the physical boundaries and characteristics of a plot of land and the housing built on top of it. Its goal is for someone to completely identify a property just by reading the description provided, and it generally comes attached to lease agreements to guide possible disputes in the future. A legal description of property is mostly found in sales contracts, deeds, and mortgages.
Real estate lawyers are usually the ones responsible for the legal description of property, and – when doing one – they typically focus on aspects that don’t change much over the course of time. So, for instance, a street address is not the most common identifier in a legal description of property because street names do change a lot. So, no “the property is in the intersection of Old Guy Street with Brand New Name Street”, as time changes, and even the most popular name can be traded for any number of reasons - not to mention the street can cease to exist due to urban development or even natural disasters.
Some legal descriptions of property cover the quantity of land in acres, but the most common way of going about this document is making a description of the land itself through fractional designations that divide (and describe) the land in sections. This concept of locating or describing land is actually very old and has been around since 1785 when it was established by law under the Articles of Confederation as a way to divide the land in relation to the public land survey system. Its initial purpose was to determine farms and big real estate into “townships”, but as time went on and our society developed and started fragmentizing space within space, it grew more specialized and complex.
It is very important to have a professional do your legal description of property when doing the title transfer of your house because if it’s improperly done, the sale of the home can be marked as invalid due to improper land description.
Real Estate Tip:
You know who can connect you with a trustworthy lawyer to help out not only on the legal description of property but several other documents? A real estate agent! And we have the best ones! Contact a local one now!
Popular Real Estate Terms
Group of people residing in one home, usually consisting of a family. ...
making land more beautiful to look at by adding improvements such as lawns, trees, and bushes. Increases the value of the property. ...
Offering of new securities of a real estate company to the investing public, after registration requirements have been filed with the SEC. the securities are usually made available to the ...
Individual: Adjusted gross income less itemized deductions and personal exemptions. After taxable income is computed, the tax to be paid can be determined by looking at the tax rate ...
Latin term meaning let the buyer beware. The buyer purchases at his or her risk, in the absence of fraud. This does not obligate the seller to volunteer information. However, legal statutes ...
While trying to determine your net income, you might come across the term revenue, sales, or gross income. So what does revenue mean? Through revenue, we understand the income generated ...
Partial fulfillment. Pro tanto is normally used in relation to the partial satisfaction of a claim. For example, a pro tanto settlement in an eminent domain action will not prejudice any ...
Estimated market price property could bring using currently accepted appraisal methods. This might not be the same as the market price at any one given time when the seller is compelled to ...
The adjusted sales price is also known as price adjustment or adjustment in appraisals. A definition for the adjusted sales price is the appraisal determined through the market approach or ...
Have a question or comment?
We're here to help.