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Principles of Real Estate

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Presentation on theme: "Principles of Real Estate"— Presentation transcript:

1 Principles of Real Estate
Legal Property Descriptions Dr. Stanley D. Longhofer

2 Describing Land When you buy or sell property, it is essential that you know exactly what land is a part of the property and what is not A property description is legally sufficient if it allows a competent surveyor to identify the exact boundaries of the property Street addresses are generally insufficient because they are too imprecise

3 Describing Land Three methods are used to describe real estate:
Metes and bounds The rectangular survey system Recorded plats

4 Metes and Bounds Descriptions
Under this system, the property is described by conducting a tour around the property by locating identifiable landmarks The description must always end at the point of beginning (POB) Metes are the distances used in the description Bounds are the directions of the boundaries that enclose a piece of land Monuments are identifying landmarks used as reference points in the description

5 Metes and Bounds Descriptions

6 Metes and Bounds Descriptions
Example: A tract of land located in Wichita, Sedgwick County Kansas, described as follows: Commencing at the intersection of the west line of Hampton Road and the north line of Thompson Lane; thence west 200 feet along the north line of Thompson Lane; thence north 15° east to the center thread of Buckskin Creek, being 175 feet more or less; thence easterly along the center line of said creek to its intersection with the west line of Hampton Road, being 220 feet more or less; thence southerly along the west line of Hampton Road to the point of beginning, being 160 feet more or less.

7 Metes and Bounds Descriptions
Hampton Road Thompson Lane Buckskin Creek 220 ft. 175 ft. 160 ft. 200 ft. N

8 Metes and Bounds Descriptions

9 Rectangular Survey System
The government survey system was created in 1785 to standardize the description of land acquired by the newly formed U.S. government Principal meridians Base lines Township lines Township tiers Range lines Ranges Township squares Sections

10 Township Squares Principal Meridian Base Line Range Lines
Real Estate 310 Township Squares Legal Property Descriptions Principal Meridian Range Township Lines Range Lines T2N, R3E Base Line T1S, R2W Township Tier

11 Sections in a Township 6 5 4 3 2 1 7 8 9 10 11 12 T3N, R2E 18 17 16 15
14 13 19 20 21 22 23 24 30 29 28 27 26 25 31 32 33 34 35 36

12 Subdividing a Section Section 22 T3N, R2E 1,320 Feet N ½ of NE ¼
40 Chains, 160 rods 80 Rods 2,640 Feet 1,320 Feet 1 Furlong 660 Feet N ½ of NE ¼ (80 Acres) NW ¼ of SE ¼ of NE ¼ (10 Acres) W ½ of SW ¼ of NW ¼ (20 Acres) NW ¼ of SE ¼ of SE ¼ of NE ¼ (2.5 Acres) Section 22 T3N, R2E SE ¼ (160 Acres) SE ¼ of SW ¼ (40 Acres)

13 Correction Lines

14 Correction Lines

15 Real Estate 310 Recorded Plat System Legal Property Descriptions Under this property description system, a subdivision plat is prepared by a licensed surveyor or engineer The Plat divides the land into numbered or lettered lots and blocks Legal descriptions may then refer to the plat records Lot and block number Name or number of the subdivision plat Name of the county and state

16 Subdivision Plat Map

17 Measuring Elevations Elevations can also be a part of legal property descriptions Condominium units Air rights Subsurface rights A datum is a point, line or surface from which elevations are measured or indicated

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