Title Search - Legal Description - Estate - Title Insurance - US Mortgage

 

Module 5 - Legal Description

Legal Description:

It is the description of the property using a set of words recognized by law based on government surveys specifying the exact boundaries of the particular property or specific piece of land is called as legal description.

It is the proper grouping of words which defines one specific piece of land and which can’t apply into any other piece of land. It’s a geographical location of a piece of land on earth.

Types of legal description:

1.      Lot and Block or Subdivision

2.      Condominium

3.      Government Surveys or Sectional property

4.      Metes and Bonds

1. Lot and Block or Subdivision:

It is the method of referring to a property, which has been platted in a plat book (lot book) in the public records.

The owner of a tract of vacant land decides to subdivide it into building lots and provides for the necessary land survey, the cutting through of designated streets, the naming and numbering of blocks.

Key Words are Lot, Block, Subdivision Name(Unique Name is used) Plat Book & Page.

2. Condominium:

A condominium is a form of real estate ownership used in USA and Canada for a type of joint ownership of real property in which portions of the property are commonly owned and other portions are individually owned.

A form of ownership in which the owner gets title to a housing unit and interest in the common areas commonly retrieved to as (Condo) (Lift, Park, gym, etc.)

Key Words are Unit No. and Condominium Name.

3. Government Survey and Sectional property:

It is the survey by the government that created or established township and ranges and land description system of sections was developed.

The survey is made from the base line and meridian running both North, South and also East, West.

The rectangular survey system, the images lines of latitude (measuring North to South) longitude – (measuring East to West).

Key Words are Quarter, Section, Township and Range.

4. Metes and Bounds Legal Description:

It is a method of describing or locating rear property in which metes are measures of length and bounds are boundaries and has a description starting with a west marked point of beginning and following the boundaries of the land until a returns once more to the point of beginning.

Degrees (°), Minutes (‘), Seconds (“) these measurements are used to measuring the land boundaries.

Identified by “Bearing & Distance” based on these key words we can find out the Metes and Bounds Legal Description.

MDB&M: Mount Diablo Base and Meridian

SLB&M: Salt Lake Base and Meridian

CLTA: California Land Title Association

ALTA: American Land Title Association

Estate:

            Owner has a full right to the property.

In real estate, the degree, quantity, nature and duration of interest, share, right, equity of which riches or fortune may consist, and which a person holds in real property.

Types of the Estate:

1. Free Hold or Free Simple Estate:

Unlimited lease duration

            The most complete form of ownership of real property which is a freehold estate that can be passed by descent or by will after the owner’s death. Also known as Estate of Inheritance or Fee Simple Est

2. Lease Hold Estate:

            Fixed number of year lease duration

            A less-than-freehold estate or personal property interest that a tenant has in property which is obtained through the lease.

3. Life Estate or Free Hold Estate:

            An possessory freehold estate or interest in real property being held for the duration of the life of a named person who could be the person holding estate or of the life of another.