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
The American Institute of Real Estate Appraisers, in short, the AIREA, or the Appraisal Institute as it is known nowadays, is an institute that aims to advance professionalism in the real ...
The gross operating income definition is the total income that a real estate development receives from rentals and services before any costs or expenses are subtracted. Gross operating ...
Amount received by a seller of real property in the form of credit rather than cash. Interest is typically received on the note. If a house is sold for $300,000 of which $100,000 is cash ...
Housing whose rental payments are reduced because of aid granted by the federal, state, or local governments, private enterprises, or individuals. For example, monthly rental payments for ...
Judicially determined minimum selling price for auctioned property. For example, a judge rules that a foreclosed home may be sold for less than $200,000, ...
A life estate right of a widow on the demise of her husband, if he dies intestate, to all his lands and possessions for her and her children's support. If she dissents from his will, the ...
Right of a current stockholder to maintain the percentage ownership in a real estate company by purchasing new shares on a proportionate basis before they are issued to the public. It ...
Amount a manger of real estate receives for his efforts. For example, a manger is to receive 2% of rentals collected as compensation from the landlord to manage the property. If the ...
Proposing or presenting for acceptance a price for a property parcel. Evidence of willingness to enter into a sales agreement. The bid price in a real estate or security ...
Have a question or comment?
We're here to help.