Property rights consists of the assessment of the ability of individuals to accumulate private property. Another way to describe a property right is the exclusive right to determine the usage of a resource. They play a crucial role in everyday life. If property rights did not exist, then there would be no order to the way we live. No one would have a "home", and there would be no way to profit from real estate due to the fact there are no original rights to the property. A legal description is for a third party in the instance of buying or selling land. It must accomplish specificity in regards to the real estate so that a third party can easily identify it.
Legal Description Explained
The article gives a brief overview of what a legal description consists of and also brief examples. The amount of detail that goes into the legal description shows the importance of the document. This link gives a good brief overview of the process.
"Legal descriptions, as the name implies, are the way and means by which real property,
or real estate, is legally identified, conveyed, assessed and taxed."
- Michigan Government
Michigan Government Document
This is an example of Michigan government document describing a legal description. The article is a formal representation of the state of Michigan's views on the legal description.
No comments:
Post a Comment