The legal description appears in several places in real estate documents, such as purchase agreements, mortgage documents, deeds, title information, etc. It is used to track a property`s history to ensure a clear title, and lenders need it to make sure they have the right collateral for the loan. Wherever it appears, it must be carefully checked to confirm that the description is correct. A third way to give a legal description is the so-called description of land and blocks, which is used in cities with new subdivisions. The description of the lot and block is saved on a flat map. A flat map shows all lot numbers and block numbers in a specific subdivision, and this records the legal descriptions in the public record. The importance of specific measures cannot be overemphasized. How explicit should it be? The legal description must be detailed enough for a surveyor to locate the property based solely on this information. Surveys are conducted by licensed land surveyors who generally use the Métis and boundary method to describe the property. The survey contains a lot of important information for the buyer. If the Commission considers it necessary to investigate or audit a broker`s escrow account, it has the power to give instructions or enter into a contract to assist the broker in carrying out the audit.
There are certain limits to this power; However, as the Commission must be able to demonstrate, such an audit requires specific expertise, including the expertise of an accountant or legal expert. In that case, the Commission shall retain full powers of control over those experts. The final decisions shall in any event be taken by the Commission and not by an expert appointed by the Commission to carry out the review. The owner of a condominium owns the interior of the unit, often just from the surface of the wall to the inside, and some of all exterior features and amenities such as the yard, hallways, walkways, building structure and the land on which it sits are part of the common property. 1) Provide at least two examples of legal description of land. This is why the use of a legal description is the most accurate way to identify real estate. A legal description can be long and complicated, but it is a more accurate way to describe where a property is. Why is this so important? You can imagine the problems of buying and selling property, building a house, and moving a family in, only to discover they were in the wrong place. Or worse, the building sprawled over two different plots of land with two different owners.
This would cause headaches that could have been avoided if the correct legal descriptions had been checked. A condominium is a property; However, property rights are different from a single-family home. In a condominium, there is a common area that is shared by all condominium owners, and then the airspace of the condominium itself, which is individually owned. Starting with the POB, the description indicates how far and in which direction to go from this point. Then it shows how far and at what angle to go from there to the next point, and then again to the next point until it reconnects with the place where it started. There are several legal ways to provide a property description. An address is what our property is commonly called and determined by the post office, but it is not a legal description. Number one is called Metes and Bounds Description, which gives a physical description of the property. These are usually older or used in rural areas.
Here the description would say, “Go to the well, then 300 feet west of the pyre, then 200 feet from the tree.” He uses physical objects to describe the country. A legal description is one that is legally sufficient to describe the property. Using the most recent deed for the property is usually the best way to ensure that the interest of the current owner passes to the new owner. Below is a list of other types of descriptions that are often not sufficient to be considered an adequate legal description: The best place to find a legal description is usually the last deed of ownership (the deed that transferred ownership to the current owner). The legal description is usually included in the body of the document. Legal descriptions are usually accompanied by introductory words such as “. as described below. This wording indicates that the legal description will begin shortly. The legal description is often double-indented or bolded to distinguish it from the rest of the document. See the following examples for an illustration. In addition to parcels and blocks, a flat map usually includes details such as roads, sections, monuments, and public easements.
It could also include floodplains, elevations and alliances. Each description contains information about the subdivision phase, block (if any) and single lot referenced by the book and the page where the information is located. An example would be Lot 2 of Block 3 of the Mountain River Subdivision Plaque, as recorded in Map Book 47, Page 5 of the Office of the Public Registrar. When creating a legal description, it is important to use the exact legal description that appears on the last deed of ownership. This requires special attention from the creator. It is advisable to re-read the legal description several times to ensure that each letter and punctuation element looks exactly what it was in the previous document. By the end of this chapter, students will be able to do the following: A second way of giving a legal description is called a rectangular or state survey system. This is what was established years ago by Thomas Jefferson in our country, and it mainly covers the entire country. Thomas Jefferson developed a system that draws straight, vertical, and horizontal lines, called the main meridians to the north and south, and the main baselines that run east and west.
Either way, you`ll be happy to know how properties are described and identified so you can help your buyer or seller understand what they see when they look at the map or see a legal description, and you can explain why an accurate description is so important. A real property parcel where there is an undivided common interest in a portion of the property, associated with a separate spatial interest called a unit, whose boundaries are described on a final registered map, parcel map or condominium plan. Since each unit is about the interior of a unit, height can be part of the description, and if basements, ground floors, second floors or upper floors are affected, the description can include a reference to an official date or a specific area used to measure heights. The space is described in the condominium plan, the final registered map or the parcel map.