Presentation on theme: "Principles of Real Estate"— Presentation transcript:
1 Principles of Real Estate Legal Property DescriptionsDr. Stanley D. Longhofer
2 Describing LandWhen you buy or sell property, it is essential that you know exactly what land is a part of the property and what is notA property description is legally sufficient if it allows a competent surveyor to identify the exact boundaries of the propertyStreet addresses are generally insufficient because they are too imprecise
3 Describing Land Three methods are used to describe real estate: Metes and boundsThe rectangular survey systemRecorded plats
4 Metes and Bounds Descriptions Under this system, the property is described by conducting a tour around the property by locating identifiable landmarksThe description must always end at the point of beginning (POB)Metes are the distances used in the descriptionBounds are the directions of the boundaries that enclose a piece of landMonuments are identifying landmarks used as reference points in the description
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.
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. governmentPrincipal meridiansBase linesTownship linesTownship tiersRange linesRangesTownship squaresSections
10 Township Squares Principal Meridian Base Line Range Lines Real Estate 310Township SquaresLegal Property DescriptionsPrincipal MeridianRangeTownship LinesRange LinesT2N, R3EBase LineT1S, R2WTownship Tier
12 Subdividing a Section Section 22 T3N, R2E 1,320 Feet N ½ of NE ¼ 40 Chains, 160 rods80 Rods2,640 Feet1,320 Feet1Furlong660FeetN 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 ofSE ¼ of NE ¼(2.5 Acres)Section 22T3N, R2ESE ¼(160 Acres)SE ¼ of SW ¼(40 Acres)
15 Real Estate 310Recorded Plat SystemLegal Property DescriptionsUnder this property description system, a subdivision plat is prepared by a licensed surveyor or engineerThe Plat divides the land into numbered or lettered lots and blocksLegal descriptions may then refer to the plat recordsLot and block numberName or number of the subdivision platName of the county and state
17 Measuring ElevationsElevations can also be a part of legal property descriptionsCondominium unitsAir rightsSubsurface rightsA datum is a point, line or surface from which elevations are measured or indicated
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