When it comes to buying or selling a property, there are various legal documents that need to be prepared and reviewed, including a contract of sale. One of the essential elements of a sales contract is the legal description of the property.
Most contracts contain a legal description of the property, which is a detailed and precise identification of the location of the property being sold. The legal description provides essential information about the property, including its boundaries, size, and location.
The legal description is crucial because it ensures that both the buyer and seller fully understand the property`s details and can avoid any confusion or disputes regarding its location or boundaries. Additionally, the legal description is used by property surveyors and title searchers to accurately identify the property being sold.
There are different ways to describe a property legally. Some of the methods used include the metes and bounds method, the lot and block method, and the rectangular survey method. Each method has its unique approach to describing a property, but all are designed to provide an accurate and detailed representation of the property being sold.
The metes and bounds method is the oldest form of legal description. It involves using specific points of reference, such as landmarks or natural features, to describe the property`s boundaries. This method is commonly used for irregular-shaped properties or properties located in rural areas.
The lot and block method involves dividing a larger parcel of land into smaller lots, each with a unique number. The legal description will then indicate the specific lot number and block in which the property is located.
The rectangular survey method is used for properties located in urban areas and involves dividing land into a grid system based on meridians and baselines. The legal description will then indicate the specific section, township, and range in which the property is located.
Overall, the legal description is an essential element in a contract of sale and should be thoroughly reviewed and understood by both the buyer and seller. It is advisable to seek legal assistance when dealing with a property`s legal description to ensure that all details are accurate and up-to-date. By doing so, both parties can avoid potential disputes and ensure a smooth transaction process.