What can the buyer do when a real estate deed carries an incorrect legal description of the property? Perhaps it describes the wrong parcel, or fails to reflect all land purchased in the sale.
An error in a legal description of a property has consequences. It can affect taxes. As lenders extend loans based on a percentage of the property’s appraised value, footage mistakes can sink a loan approval. If the error is neglected, disputes can arise later, and they can become the stuff of nightmares.
Worst-Case Scenarios
Some deeds bear legal descriptions drafted using early survey methods, pre-dating GPS measurements. Some have errors in lot descriptions that get passed unwittingly from one owner to the next—a sort of legal time bomb waiting to take someone by surprise.
Continue reading “An Error in the Legal Description of the Deed: What Happens Now?”