Suppose you want to mortgage your property or sell it. How will the house buyer know about the availability of your property? And most importantly, how will the mortgage process carry forward? That’s when you would need a legal description. So, what’s a legal description, and how can it facilitate the whole process of selling a property or mortgaging it? Let’s learn more about it in this particular post.
The legal description is nothing but the geographical description of real estate. It identifies the precise location, boundaries, and easements for the legal transaction of real estate. The legal description is kept with a deed & filed with a country tax assessor or clerk.
To go in-depth, legal descriptions get generated & prepared by the licensed surveyor to identify the real estate accurately for the legal transaction like:
• Property transfer
• Dispute settlement, or
• Loan collateral
These descriptions note the exact precise property location, such as geographic features like bodies of water as well as easements.
Gaining an understanding of its types isn’t as crucial as comprehending the best place to find the description. Still, one must know the types before anything else. The most common types are lot and block that usually get associated with subdivisions while metes & bounds usually get used for the non-subdivision property. Also, learn about the rectangular surveys:
#1 The lot & block system (Subdivision): It identifies land sections by a lot number or even letter and subdivisions.
#2 Metes & bounds (Survey): it’s the real estate boundaries and area within. It gets determined by starting at the POB or point of beginning & delineating the property’s angles and side to the POE or point of ending. It’s also the POB as a piece of property should get enclosed. Metes & bounds get used for describing smaller land parcels.
Other Rectangular Surveys
It uses the longitude and latitude lines for dividing the land into six-by-six-mile townships. Then, again, they get divided into smaller sections.
In general, the mortgage rates happen to be low. But while preparing for the legal description, using the detailed definition that seems on the recent property deed is the most crucial factor. That might require a preparer to pay attention. That makes it evident that proofreading a legal description several times and ensuring each item and letter appears precisely as the deed is the best practice.
The most important place to locate the description is commonly the property’s recent deed. The legal description usually comprises the deed. They are preceded by words like “described as.” This type of language indicates the narrative is about to start. It’s mostly double-indented or even set in boldface type to segregate it from the deed’s rest of the information.
At times, it remains attached as the deed’s exhibit. The deed’s body will refer to the attached legal description when that happens. So, for instance, the deed might refer to the real estate as the property defined in Exhibit ‘B’. And Exhibit B will get attached to the deed & contain the description.
