Assumptions and limiting conditions are specific stipulations and constraints under which an appraisal is conducted. These conditions provide a framework within which the valuation can be understood and accepted.
A Cadastral Map is a legal map utilized for recording and determining the ownership of properties. It provides detailed information about the boundaries and ownership of each parcel of land.
A formal depiction of the dimensions and location of a property; generally included in deeds, leases, sales contracts, and mortgage contracts for real property. Different methods such as government rectangular survey, lot and block, and metes and bounds are used for legal descriptions and plats.
A legal description is a formally recognized and unique identifier used to describe the precise boundaries of a parcel of real estate. It is essential for legal transactions including deeds, mortgages, and other property-related documents.
The lot and block survey system is commonly used in urban and suburban areas where parcels of land are divided into subdivisions. This system helps in the precise identification and location of property within a subdivision, facilitating land sales, property taxes, and real estate transactions.
In real estate, a lot line is a demarcated boundary that defines the perimeter of a property described in a property survey. These lines are crucial for determining the exact dimensions and legal boundaries of the land.
A fixed object and point established by surveyors to determine land locations and boundaries. Monuments serve as crucial reference points in the legal description of a property.
A property description provides a detailed summary of the features, boundaries, and legal status of a particular real estate property. It ensures accurate identification and transference of property rights.
The defined boundary which delineates the edge of a plot of land, typically legally recognized and recorded in public land records.
