This newsletter is only used for general information and education purposes. It is not offered as legal advice or legal advice. To the extent that this message contains tax advice, the U.S. Treasury asks us to inform you that any consultation in this letter is not intentional or written by our company to be used and cannot be used by any taxpayer to avoid any penalty that may be imposed under the Internal Revenue Code. Our company`s advice on federal tax matters should not be used to promote, market or recommend an organization, investment plan or agreement for a taxpayer. A listing agreement is a document in which an owner enters into contracts with a real estate agent to find a buyer for the owner`s property. The owner executes the listing agreement to give a real estate agent the power to act as a broker when selling the owner`s property. However, the owner usually has to pay a commission to the real estate agent. Often, closing lawyers and title companies receive a contract containing an abbreviated law description, a single address or a single parcel identification number assigned by the real estate auditor. Most of these contracts are concluded with an appropriate legal description, because the final agents discover it through online real estate information, previous acts and other securities information. I hope the buyer will receive a new survey if a previous one is not available.
This is recommended for all real estate purchases and is usually required for financing. The survey is the only document that corresponds to what the buyers thought they were buying when they crossed the property before the offer, and all the dry documents presented at the time of the closure, especially the deed. The formal legal description must be exactly the same with respect to collection, title insurance and insurance policy, facts and mortgage. The gold standard when drafting the contract is to use a complete legal description of the property corresponding to part or all of the seller`s property. This can be created from the facts in the seller, a preliminary investigation into the property of an object or a sketch of a description of a surveyor. If a preliminary inventory of the property is available, it can be mentioned in the contract and annexed as an exhibition. We are fortunate here in Charlotte County that most properties that are subject to active bids are bulk lots with relatively simple legal descriptions. If this is the case, the full legal description must be used, including the lot, block, section, subdivision name and flat book and page.