Chapter 9Chapter 9ObjectivesObjectives

Identify the three ways to describe real estateIdentify the three ways to describe real estateGiven a written description, draw the shape of a Given a written description, draw the shape of a

property described by metes and bounds and property described by metes and bounds and by the rectangular survey systemby the rectangular survey system

Write the legal description of a property defined Write the legal description of a property defined by the rectangular survey systemby the rectangular survey system

Define benchmarks, fractional sections, Define benchmarks, fractional sections, government check, monuments, and townshipgovernment check, monuments, and township

Chapter 9 Cont…Chapter 9 Cont…Legal Description: A description of a Legal Description: A description of a

parcel of land that will be accepted parcel of land that will be accepted by courts because it is complete by courts because it is complete enough to locate and identify the enough to locate and identify the premisespremises

Chapter 9 Cont…Chapter 9 Cont…

Chapter 10Chapter 10Liens Against TitleLiens Against Title

ObjectivesObjectives Distinguish between voluntary and involuntary Distinguish between voluntary and involuntary

liens, general and specific liens and statutory liens, general and specific liens and statutory and equitable liensand equitable liens

State the difference between ad valorem taxes State the difference between ad valorem taxes and special assessmentsand special assessments

Describe the following types of liens: judgment, Describe the following types of liens: judgment, real estate tax, IRS, mechanic’s, deed of trust, real estate tax, IRS, mechanic’s, deed of trust, mortgage, and estatemortgage, and estate

Be able to determine amount of taxes on loval Be able to determine amount of taxes on loval real estatereal estate

Discuss the priority of liensDiscuss the priority of liens