We love educating our clients, we find that it is important for first-time investors, as well as repeat investors, to know the terminology and different components that make up a secure land investment.
Acre -
Measurement term of land, one acre equals 43,560 feet
Grantee -
The person(s) who are receiving the property that is being transferred over
Grantor -
The person(s) who is transferring the property over
Warranty Deed -
The most secure instrument used to transfer the property over from the grantor (seller) to the grantee (buyer). It guarantees that the grantor holds a title that is free and clear and has the legal right to sell it to the grantee. This deed protects the grantee against any possible defects at any point in time extending back to when the first historic transfer of property was recorded.
Quit Claim Deed -
This deed is utilized to transfer the property from the grantor to the grantee, the grantor terminates, “quits’ any rights to the property. A quit claim deed does not offer the grantee the warranty that the title is free and clear.
Legal Description -
It is used to describe the location of the property in legal documents, including, section, block, township, etc.
Title Search -
A title search is used to review the chain of title of the property, this includes researching the history of the property including all events and owners concerning the land. A title search ensures that there are no liens, encumbrances or underlying legal issues with the land.
Plat Map:
A plat map can be found on the County Property Appraiser’s site using your APN, assessor parcel number. The Plat map shows how the tract of land is divided and where the land is located. The surrounding land around the property is also visible in a plat map.
Easement -
A right away granted to a secondary party to access the land around or on your property. Generally, easements are granted to power companies for power line/tower maintenance.
Setbacks -
A setback is the distance in which a structure can be constructed from an easement, street, body of water or any other designated area. Setbacks are generally regulated by the county’s building department.
Land Survey -
A land surveyor measures the property to determine the exact position,mete and bounds of the land. A Land survey is not needed when investing in a property.
The Land Store guarantees that all of our properties are free and clear, we also issue Warranty Deeds at the time of closing.
