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
(1) Return of the principal invested in real estate. It excludes income earned. (2) Collection of a previously written off bad debt. ...
Heating system dependent upon radiators in each room of the structure. The steam goes form the boiler through pipes to the radiators. A two-pipe system should be employed for larger ...
Yearly tax return filed by an individual or couple. It is due to the federal taxing authority on April 15 for the preceding calendar year. The taxpayer reports gross income, adjustments to ...
Cancellation of a contract such as when a real estate agreement is deemed illegal. ...
Part of a building that is connected to but leads away from the main structure. ...
Outside layer or covering for a structure. It may be a coating of material for protection against inclement weather. ...
Natural resource, such as oil, coal, and timber, having a limited useful life and subject to depletion. Such assets decrease in worth primarily due to the extraction of the valued commodity ...
An agreement in which the trustee takes title of the property ( called corpus) owned by the grantor (donor) to protect or conserve it for either the grantor or the trust's beneficiary. The ...
The operating expenses definition is the sum of costs or expenses a company deals to operate as a business. The term operating expenses is used in any business field and is commonly ...
Have a question or comment?
We're here to help.