Property Brief
Definition of "Property brief"
The definition of a property brief is a document including the summarization of the attributes and characteristics of the property. Officially issued legal records are supposed to include these features.
What are legal records?
Property or real estate records are legal documents or certificates. They include essential information about real estate or land. Typically, “property records” deal with the property deed. A property owner must possess a property deed to prove their ownership of the said real estate. Let’s suppose you sell a house. Then you sign the deed and transfer it to the new proprietor. By all means, once the parties settle the housing transaction, the property deed must be recorded.
Where are property deeds reported?
The property deed transfers the proprietorship from the former (or the grantor) to the real estate's new owner (the grantee.) Regularly, a real estate attorney draws up the house deed. In addition, the grantor will have to get the deed notarized in most US states. They turn to a register or recorder of deeds, who has the authority to record and maintain deeds. In addition, a property deed must correspond with the local and statutory requirements. Ask for an expert’s advice! The local real estate agents will assist you with having your property deeds recorded.
The legal description of a property
A real estate’s legal description is quintessential for its transfer. It should include the most recent legal deed of ownership. Note property tax records and street addresses are incomplete descriptions to qualify as acceptable. Adequate legal descriptions are of two types. Besides, some legal documents contain both of the following:
Lot and block descriptions
On the one hand, we have lot and block descriptions if the real estate is located in a subdivision. The document will show how many lots there are and the number of blocks, describing the precise location of the lots. Furthermore, it showcases the subdivision name, county, and state where the property is found.
Metes and bounds descriptions
On the other hand, we have the metes and bounds descriptions referring to non-subdivision real estate. Such a description presents the property within the public surveying system starting from a landmark (point of beginning) as established by the US Public Land Survey System. A metes and bounds description presents a property’s boundaries around this landmark in sequence.
Therefore, the meaning of a property brief goes as follows. It’s an abridgment of all the vital information from the property deed and a real estate’s legal description.
Popular Real Estate Terms
Losses arising from damage to or destruction of property. ...
Financial characteristics or standards that a potential investor is evaluated on to judge his or her suitability for a particular investment program. For example, to determine whether a ...
Business entity providing water services in a particular locality. ...
The imposition or collection, usually by legal or governmental authority, of an assessment of a specified amount. An example is a tax assessment on real estate. ...
The floor of a building closets to the building grade. Normally, the ground floor of a building is the first floor. A ground floor can sometimes be located between the first floor and the ...
An insect, such as a termite, that "eats into" the wood and destroys it. This can cause significant damage to the home. Most states have laws that require termite inspection and ...
Net return on a real estate investment. It equals the income less the expenses associated with the property. ...
This situation applied in some states when death prevents the seller of property, who has signed a real estate sale agreement, from completing the sale. In this situation , equitable ...
Insurance affording protection against losses due to damage to or destruction of property or contents therein. Insurance protects assets and any future income thereon from loss, such as a ...
Comments for Property Brief
Can we run a partnership?
Aug 11, 2020 07:11:03Hey, Michael.
What kind of partnership are you interested in? If you are interested in becoming a contributor, access the link provided, and follow the guidelines. If you are an agent who wants to advertise with us, you can get listed on REA by accessing the link or by contacting us directly via live chat or via phone at 1-866-495-4953.
Looking forward to hearing from you.
Sep 07, 2020 07:21:50I want to give my property to a property manager and he requested a brief. What is the content of a property brief?
Jul 26, 2020 22:46:12Hey, Ochuko! A property manager acts on your behalf in order to preserve the value of the property while generating income. Therefore, in this case, a property briefing should highlight the characteristics and features of a property as well as the attributions that fall on the property manager. Property managers can help owners with the following tasks: create budgets, qualify tenants, advertise the property, comply with local real estate laws, collect rent, maintain the property, and others. The property briefing should contain an explicit description of the property manager’s attributions.
Aug 03, 2020 09:41:23A potential client wants to sell his property. How must he properly brief me? What are those information he must give to me? Must I see him physically before taking brief from him? Can I just take his brief from WhatsApp message with property pictures, without knowing him personally?
Mar 08, 2019 12:54:29You have to sign a listing agreement first. If you have listed a property before, then you probably know what information you need. Otherwise, reread the coursebook you had learned from before you took the real estate license exam.
Mar 15, 2019 04:50:01Have a question or comment?
We're here to help.