metes and bounds description real estate

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To get ahold of Kevin for real estate services: Kevin is a real estate broker-associate with RE/MAX Oak Crest Realty in Elkhart, Indiana and has served real estate clients for over 35+ years in Northern Indiana and Southern Michigan. If the home is 1,500 square feet you can multiply it by the $100 per square foot to get a value of $150,000. For example, recent homes are selling in your neighborhood for around $100 per square foot. When pricing real estate, you’ll often get a per square foot price or per acre price. To convert this to acres, you would divide by 43,500 square feet so 1,500/43,500 =. If a property is 75 feet in length and 20 feet wide, the area would be 1,500 square feet. To determine the area of land or a property, you’ll multiply length times width. Lastly, let’s conclude with some math practice.

Slanted lands allow for rain run off and must be slanted properly away from the house to avoid water funneling to the basement. Each contour line represents a 10 foot change in elevation. You may also see a topographic map which shows the elevation of a particular section of land. Therefore, a legal description might read N ½, NE ¼, of NW ¼, which would be a small block of land withing the bigger 1 square mile section.

The section (one square mile) can be further divided into half and quarter sections. This 36 miles of land is divided into 36 sections of one square mile each. This divides land into six mile squares called townships. Range lines also run north to south and are parallel to principal meridians every six miles. You can think of a principal meridian as a vertical line that divides east from west while a base line runs horizontal dividing the north from south. Principal meridians run north and south while base lines run east and west. This method is also known as the rectangular survey method as land is divided into blocks. A plat map is simply a detailed survey map of a subdivision. The property’s lot number and block number within a subdivision will be referenced and will require a surveyor to use a plat map to find the exact location. This system is typically used for platted property, which means property that has been subdivided. Why is knowing the metes and bounds system important? If you’re dealing with a lake or riverfront property, just one “frontage foot” could mean the difference of thousands of dollars in property value. From the reference point, the description then gives distances and directions to outline the plot of land. Metes stands for distance while bounds stands for direction.Ī permanent marker, such as a rod driven into the ground, is often used today to mark a specific point of the property as a reference point. It’s the oldest form of describing land and is typically used along the eastern seaboard. It is used to define the location, size, and shape of a specific plot of land. The following are 3 methods for legal descriptions: You’ve probably heard of at least one of these methods before and are somewhat familiar but this guide should serve as a good reminder and educator for each of the three. We’re going to begin talking briefly about the 3 methods for determining and/or interpreting legal descriptions. The legal description defines exactly what is insured Title Insurance Policy: Title insurance protects the owner against losses due to undiscovered title defects and encumbrances on the property.The mortgage needs legal description of the property since the property is collateral for the loan Mortgage: a mortgage creates a voluntary lien on real property to secure repayment of debt.The legal description describes an exact explanation of what the grantee is receiving. Deed: a deed conveys ownership of real property from the grantor to the grantee.You can expect to find a legal description on each of these documents: So it’s no surprise that the term “real estate legal descriptions” doesn’t seem very interesting when you hear it.īut, it is important because legal descriptions tell you what real estate land you are acquiring and its accuracy matters. Understanding Real Estate Legal DescriptionsĪny time the word “legal” is involved it’s not usually very fun.

Metes and bounds description real estate