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
Visible area that can be readily seen by outside traffic. This is particularly important for a commercial business. ...
Depressed, poorly kept locality that may include vacant businesses. It may be a high crime area. The people living in the area are typically poor and there may also be homeless people. ...
Legal property rights that don not include possession. Examples of incorporeal property rights are air and mineral rights, riparian rights, easement and access rights. ...
Limitation or prohibition such as on what a tenant in an apartment may not do. Local laws may also restrict certain actions such as failing to use the property for gambling purposes. ...
Legal boundary of property. ...
Same as term appraisal: Valuation assessment of real property by an expert third party for the following purposes: developing a realistic market price. setting a market value at the time ...
(1) Judges remark in a court ruling not in and of itself embodying the law. A dictum merely illustrates or amplifies the ruling. (2) Arbitrator's ruling. ...
When the return on borrowed funds exceed the after-tax interest cost. It is profitably using other people's money. ...
Any lease with a specific starting time and a specific ending time. ...

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