Real Estate Term of the Day: Legal Description & Lot and Block
LEGAL DESCRIPTION – legally acceptable identification of real estate by one of the following: Metes and Bounds or recorded plat (Lot and Block Number) (Barron’s Dictionary of Real Estate Terms)
LOT AND BLOCK NUMBER – a method of location a parcel of land (Barron’s Dictionary of Real Estate Terms)
In the Colorado Real Estate Commission Contract to Buy and Sell Real Estate as well as the Exclusive Right-to-Sell Listing Agreement, the property address along with a Legal Description must always be included. This is an important component of the Contract, as the title company will provide title insurance on the legal description (not the physical address).
Source: Barron’s Dictionary of Real Estate Terms