In biblical times, mete meant to measure. For a 19th century Massachusetts man, he transferred the charter of his property to God and wrote the 200-word description on a rock. Solomon Parsons Jr. was the grandson of a pastor, pacifist and vegetarian. In anticipation of Christ`s Second Coming, he purchased the ten acres of land from William G. Hall for $125 in 1840. For centuries, landowners have created legal descriptions based on visual markers, long before using more sophisticated techniques such as GPS surveying, which provide more accurate coordinates. This method is called metes and bounds. Although some of the demarcations listed, such as a tree or stone, may have been used to appropriately describe the earth as it once was, these volatile objects undermine their authority and reliability. This system was widely used in the original thirteen settlements, as well as in Kentucky and Tennessee. In the 18th century, a numbered grid system was developed in the United States by Alexander Hamilton, Thomas Jefferson and other fathers to create more confidence in legal descriptions. Estimating the value of real estate is necessary for a variety of efforts, including financing, listing sales, investment analysis, property insurance, and taxation. But for most people, determining the asking or purchase price of a property is the most useful application of real estate appraisal.
This article provides an introduction to the basic concepts and methods of real estate valuation, especially when it comes to sales. The legal description or property description is an important part of a survey and other tools that convey title to real estate. Without them, there would be no way to confirm the exact boundaries of the property being bought and sold. In the 19th century, more and more acts began to refer to specific boundaries and distances or monuments along the boundaries of the property, rather than relying on close neighbours or other unspecified physical features. There have been no significant technical advances in surveying to explain this change. The same tools used to measure distances, such as the compass and the Gunter chain, a metal-link device, were still in use. Even an increase in the number of qualified surveyors does not explain this change, as the training of surveyors has remained essentially unchanged. Instead, the best precision is rather a reflection of the social and legal turmoil experienced in their absence. As communities became more transitory, land became more limited, and residents spent less time participating in “border walks,” the social fabric that gave legitimacy to descriptions of metes and borders quickly faded. Cities have responded with new laws to create more stability in land deals and limit disputes. The process of determining the value or value of an asset.
There are several methods used by professionals to carry out an assessment, often involving objective and subjective criteria. The notice is often used as a synonym for rating. The names of previous owners have also found their way into the metes and related descriptions. Together with land records, this served as a reference point for finding other parcel documents. As land was developed and new infrastructure formed paths on named streets, surveyors and scribes had a more stable collection of references to add to legal descriptions. An accurate property valuation is important for mortgage lenders, investors, insurers, and buyers and sellers of real estate. While appraisals are usually done by qualified professionals, anyone involved in an actual transaction can benefit from a basic understanding of the different methods of real estate valuation. As population and demand for land ownership grew, so did anger with unreliable legal descriptions. Today, borderline questions are among the most common reasons for legal defects and claims. Im 17. In the nineteenth century, as population soared and land became scarcer, new and old residents competed for property claims, and the assertion of boundaries became essential. Whatever the final form, this method clearly defined a community`s land for legal purposes prior to colonization and land sale.
This content is provided for informational purposes only. PropLogix, LLC (PLX) is not a law firm; This content is not intended to be legal advice and should not be relied upon as such. PLX does not warrant the accuracy, reliability or completeness of such content. PLX may reference or incorporate information from third-party sources that require a citation or website URL for that source. PLX does not endorse third parties or their products or services. Any comments referring to or responding to such content may be removed at PLX`s sole discretion. You can still find the rock with the carving in the woods on Rattlesnake Hill. It mentions a pole made of stones, a neighbor and a chestnut tree that no longer exists as part of the legal description. Current sales and rental data from at least three similar properties can be used to create an accurate GIM. The MPG can then be applied to the estimated market rent of the property in question to determine its market value, which can be calculated as follows: An appraisal is an opinion or estimate of the value of a particular property at a given time.