Types Of Legal Property Descriptions In Real Estate
Real estate is a legal term that refers to land, buildings, and other structures that are permanently attached to the land. Property descriptions are an essential part of real estate transactions, and they provide vital information about the property's location, size, and features.
Metes And Bounds
Metes and bounds is one of the oldest legal property description methods. It is a verbal description of a property's boundaries that identifies natural and man-made landmarks. This method is still common in areas where surveying is difficult or where the property is irregularly shaped.
Rectangular Survey System
The rectangular survey system, also known as the Public Land Survey System, is a method of land description used in the United States. This system divides land into a grid of squares known as townships and ranges.
Lot And Block System
The lot and block system, also known as the recorded plat system, is a method of property description used in urban areas. It uses a map or plat to describe the boundaries of a property and identifies the lot number and block number within the subdivision.
Street Address
The street address is a common method of property description used in residential and commercial real estate. It identifies the property's location by specifying the street name and number, city, state, and zip code.
Legal Description
A legal description is a detailed and precise method of property description used in legal documents, such as deeds and mortgages. It includes the property's location, size, shape, boundaries, and any easements or restrictions.
Property Survey
A property survey is a physical examination of a property's boundaries and features. It provides an accurate and detailed description of the property's location, size, and shape. A survey is often required for real estate transactions and can be used to resolve boundary disputes.
Conclusion
In conclusion, there are several types of legal property descriptions used in real estate transactions. Each method has its advantages and disadvantages, depending on the property's location, size, and shape. It is essential to use the correct method of property description to ensure that the transaction is legal and valid.