Survey, Buyer Notice & Property Condition Flashcards
What is a professional analysis of a property and its location relative to other property?
Survey
What is defined as a landmark that is used for a point of reference?
Monument
What is point designated in the description as an initial point for beginning a land description?
Place or Point of beginning
Who are professionals that can determine the integrity of a building?
Structural Engineers
Where does the seller sign the Notice to Prospective Buyer form?
Nowhere
How many acres of land does a Section contain?
640 acres
What must the seller disclose to a buyer about a property?
All material facts
A survey is a
professional analysis of a property and its location relative to other property
A survey includes
the total area of the land showing all boundaries and elevations. Surveyors complete the surveys in accordance to specific procedures.
One of types of surveys is the “metes and bounds” survey
The metes and bounds survey measures the perimeter of a piece of land. The property is determined relative to a monument, or a landmark that is used for a point of reference
The metes and bounds system has the following rules:
The total of the directions of the boundary must produce a closed area
The bearing of the direction must be continuous from the point of the beginning around the area of the tract of land until the final direction ends at the point of beginning.
All bearing must be given the same meridian or basis of true direction.
Because of the confusing nature of the metes and bounds system a new system was adopted called the
rectangular system or the governmental survey system. In 1785, the Federal Government began using the rectangular survey system for the acquisition, organization, division and sale of government-owned lands. Land was divided into grids like that on graph paper. With the rectangular survey system all its distances and bearings are measured from two lines that are at right angles to each other.
Townships
are the largest subdivisions of land with this type of survey. They are divided into 36 squares called sections. Sections are intended to be one mile square and contain 640 acres of land.
Today, most surveys use the “lot and block” survey system
With the “lot and block” system a property is described using the registered lot and then block on the plat or survey. In Texas, the Texas Board of Professional Land Surveying regulates surveyors.
One of the easiest and most widely used methods of land description is the
`Recorded plat
A plat is a subdivision map filed with the county recorder’s office that shows the location and boundaries (lot and block number) of individual parcels of land
A plat is a survey of property that describes the dimensions and location of the property, street right-of-way, and easements. A plat also establishes the lot, block, and subdivision name used in real estate transactions.
Section 1101.555 of the Texas Real Estate License Act is entitled “NOTICE TO BUYER REGARDING ABSTRACT OR TITLE POLICY.”
“When an offer to purchase real estate in Texas is signed, a license holder shall advise each buyer, in writing, that the buyer should:
(1) have the abstract covering the real estate that is the subject of the contract examined by an attorney chosen by the buyer; or
(2) be provided with or obtain a title insurance policy.”
In most transactions the lender is going to require a title search, an abstract of title, and a title insurance policy
so licensees “automatically” check these options as a possibility
The seller must disclose any information that the seller knows about the property and the property condition and that disclosure must be complete.
Failure to disclose information on the property to the buyer could result in litigation and possible liability upon the seller. The best way to disclose all of this information is by using the Seller’s Disclosure Notice.
The seller must remain available to the listing agent during the listing time
A buyer could put an offer on the property at any time and the agent must be able to contact the seller.
Inspectors
are licensed by the state of Texas to do inspections of real property for consumers. Their job entails checking the property for possible damage and identifies those things that are in need of repair. Seldom will an inspector clearly identify significant damage, more frequently they will recommend additional inspections to be called.
Appraisers
too will protect the real estate salespeople from possible lawsuits do to failing to properly identifying the estimated market value of a certain property. If a seller or a buyer wanted a real estate salesperson to verify that a property was valued correctly than an appraiser should be involved.
Structural Engineers
are professionals that can determine the structural integrity of a building. Their expertise is essential if a property possibly has foundation problems.
