In a sales contract, the legal description of the property is an important aspect that should be accurately and clearly stated. The legal description defines the boundaries and identifies the specific location of the property being sold. It is crucial for the buyer and seller to agree on the legal description of the property to avoid any disputes or misunderstandings in the future. So, what constitutes an acceptable legal description of property in a sales contract?
There are several types of legal descriptions that can be used to accurately define a property in a sales contract. These include:
1. Metes and Bounds Description: This is one of the oldest methods of legal description, and it involves defining the property’s boundary lines using measurements and specific landmarks. For example, “Beginning at the northwest corner of the property at the intersection of Main Street and Elm Street, then running south for 100 feet, then east for 75 feet…” and so on.
2. Plat or Lot and Block Description: This method of legal description is commonly used in subdivisions or planned developments. The property is defined by a recorded plat map, which illustrates and identifies the lots and blocks. For example, “Lot 15, Block 2 of the ABC Subdivision, as recorded in Plat Book 3, Page 45, of the County Records…”
3. Rectangular Survey Description: This method is generally used for larger tracts of land. It describes the property using reference lines and measured distances. The reference lines are typically called principal meridian and base line. For example, “The property lies in Township 3 North, Range 2 West of the Principal Meridian and is described as the NE 1/4 of the NW 1/4 of Section 22…”
4. Assessor’s Parcel Number (APN) Description: This method uses the property’s unique APN assigned by the county assessor’s office. It is a convenient way to identify the property and is commonly used in real estate transactions. For example, “APN 123-456-789 located in County X, State Y…”
It is important to note that the legal description of the property should match the description on the property deed and the title report. Any discrepancies can cause major issues during the closing process. Therefore, it is crucial to ensure that the legal description of the property is accurate and consistent across all documents.
In conclusion, an acceptable legal description of property in a sales contract can vary depending on the type and location of the property. However, it should always be accurate and clearly defined. As a copy editor with SEO experience, it is important to ensure that the article incorporates relevant keywords such as “legal description of property,” “sales contract,” and “real estate transactions” to enhance its optimization for search engines.