Property Description

What is a Property Description?

A property description is a comprehensive summary documenting the key characteristics of a particular parcel of real estate. It typically includes details on the location, boundaries, dimensions, and specific features of the property. Compiled as part of the public record, it is critical in legal transactions involving the buying, selling, leasing, or mortgaging of property. Precise property descriptions are essential to prevent disputes related to property boundaries and ownership.

Detailed Examples

Residential Real Estate:
- Location: 123 Elm Street, Springfield, IL 62701
- Boundary Details: Lot 24, Block 3, Elm Street Addition, per the official plat recorded in Book 1, Page 94, of the Springfield County records.
- Features: 3-bedroom, 2-bathroom single-family home with a two-car garage on a 0.22-acre lot, with approximate dimensions of 75 feet by 125 feet.
Commercial Real Estate:
- Location: 456 Market Avenue, Dallas, TX 75201
- Boundary Details: Tract A, Block 9, Platinum Business District, per Plat recorded in Volume 2000, Page 105 of the Dallas County records.
- Description: 5-story office building including approximately 20,000 square feet of gross leasable area, situated on a 0.45-acre plot with a 10,000 square feet parking lot.

Frequently Asked Questions (FAQs)

1. Why is a property description important?

A property description is essential for legally defining the boundaries and specific attributes of a parcel of real estate, ensuring clarity and avoiding disputes during property transactions.

2. What legal documents typically contain a property description?

Property descriptions are found in deeds, titles, mortgages, leases, and cadastral maps.

3. How is a property description different from a legal description?

A property description provides a general overview including features and location, whereas a legal description is a formal, precise, and legally-binding description based on national surveying standards.

4. Can property descriptions change over time?

Descriptions can change due to property subdivision, parcel merging, or updates reflecting boundary adjustments and significant changes in property features.

5. Who prepares property descriptions?

Professional surveyors, title companies, and legal experts specializing in real estate typically prepare property descriptions.

Legal Description: A formal, precise, and legally binding property description based on national or regional surveying standards, typically used in legal documents.
Plat: A map or plan of a land area, subdividing it into lots, often used in property descriptions.
Cadastral Map: A comprehensive register of the real estate or properties within a jurisdiction, detailing boundaries, ownership, and property values.
Deed: A legal document that transfers ownership of property from one entity to another and contains the legal description of the property.
Title: A legal term referring to the ownership rights and interest in real property.

Online Resources

References

“Modern Real Estate Practice,” by Fillmore W. Galaty, Wellington J. Allaway, Robert Campbell
“The Language of Real Estate,” by John W. Reilly
“Real Estate Principles: A Value Approach,” by David C. Ling, Wayne R. Archer

Real Estate Basics: Property Description Fundamentals Quiz

### Why is a property description critical in real estate transactions? - [ ] It adds aesthetic value to the documents. - [x] It provides a detailed summary to identify the property clearly. - [ ] It includes the financial valuation of the property. - [ ] It sets the future value of the property. > **Explanation:** A property description is critical because it provides a detailed summary of the real estate, ensuring clear identification for legal and transactional purposes. ### What primary documents contain a property description? - [ ] Financial records - [x] Deeds, titles, and leases - [ ] Real estate marketing flyers - [ ] Bank statements > **Explanation:** Deeds, titles, and leases primarily contain property descriptions to legally define and convey property rights. ### Which professional typically prepares a property description? - [ ] Real estate agent - [ ] Architect - [ ] Interior designer - [x] Surveyor or title company experts > **Explanation:** Professional surveyors and title company experts typically prepare accurate property descriptions based on surveying data and legal standards. ### What is usually included in a property's description? - [x] Location, boundaries, dimensions, and features - [ ] Market value and mortgage rates - [ ] Remodeling potential - [ ] Historical ownership list > **Explanation:** A property description usually includes its location, boundaries, dimensions, and specific features to provide a clear understanding of its structure and limits. ### How often can a property description change? - [ ] Every year - [x] As frequently as changes in property boundaries or features occur - [ ] Never - [ ] Only at the time of sales transactions > **Explanation:** A property description can change whenever there are alterations in boundaries or significant changes in property features necessitating an update. ### What aspect is NOT part of a typical property description? - [ ] Dimensions and boundaries - [ ] Specific property features - [ ] Legal description elements - [x] Owner's employment history > **Explanation:** A typical property description focuses on the physical and legal characteristics of the real estate, not the personal data of the owner. ### How do property descriptions contribute to avoiding disputes? - [x] By providing precise and clear identification of property boundaries and features - [ ] By detailing the owner's financial background - [ ] By specifying the property's market value - [ ] By enhancing property aesthetics > **Explanation:** Property descriptions help in avoiding disputes by clearly defining property boundaries and features, ensuring there is no confusion or overlap with neighboring properties. ### Which map is often used to provide detailed land division in a property description? - [ ] Weather maps - [ ] Political maps - [x] Plat maps - [ ] Tourist maps > **Explanation:** Plat maps are used in property descriptions to provide detailed land division, illustrating the configuration of lots, streets, and easements. ### What happens when property descriptions are incorrectly recorded? - [ ] The property increases in value. - [ ] Owners gain additional land. - [x] Legal and boundary disputes may arise. - [ ] Tax rates decline. > **Explanation:** Incorrectly recorded property descriptions can result in legal and boundary disputes due to inaccuracies in defining property ownership and limits. ### Why must property descriptions be part of legal documentation, like deeds? - [ ] To enhance document aesthetics - [x] To legally convey and clearly define property rights and boundaries - [ ] To determine tax values - [ ] To establish market trends > **Explanation:** Property descriptions must be part of legal documentation to convey and define property rights and boundaries accurately, ensuring all parties have a clear understanding of the property involved.