How do you “list” and write up a contract for an “assemblage” of different properties being sold together? The following is a synopsis of the latest episode of “Real Estate Made Crystal Clear” with our very own Dana Sparks. You can watch the video in its entirety below.
As a real estate agent, it is important to understand how to handle the sale of an assemblage of lots. In this video transcript, Dana Sparks, a broker for Maximum One Greater Atlanta Realtors and the director of the Real Estate Academy of America, shares a quick tip on how to list and how to write up a purchase and sale agreement for an assemblage of lots. Here are some important points to consider:
The Importance of Accurate Legal Descriptions
It is crucial to ensure that all individual legal descriptions are referenced and cross-referenced when documenting an assemblage of properties. Failure to do so can result in a deed being recorded that does not reflect the buyer and seller’s intended purchase and sale agreement. Recently, Sparks dealt with an issue where a seller believed they were selling two different lots separately but found out after closing that the buyer actually owned both lots. To avoid this type of situation, it is important to reference all legal descriptions of the land.
Where to Find Legal Descriptions
There are several ways to obtain legal descriptions. First, if the seller has a warranty deed, the legal description should be included. Additionally, most counties have online records where you can find the legal description of a property. Another option is to subscribe to a service like gscca.org, which provides online records of warranty deeds, security bees, liens, and more. A closing attorney can also help with the research.
Including Legal Descriptions in Listing and Purchase Agreements
Both listing and purchase agreements should include the legal description of the land being sold. It is essential to itemize, write out, and describe the legal description in detail. A property address is not enough, especially for undeveloped land. Legal descriptions help ensure that the buyer and seller are contracting for a specific parcel of land.
Working with a Closing Attorney
Working with a closing attorney can help ensure that the legal descriptions of the land being sold are accurate. They can check the title of the property and make sure all the discrete legal descriptions match the specific parcel of land being sold. Surveys that match the legal description can also be helpful.
In conclusion, when dealing with an assemblage of lots, it is crucial to reference all legal descriptions to avoid any issues with the purchase and sale agreement. This can be achieved by including the legal description in both the listing and purchase agreements and working with a closing attorney to ensure accuracy.
Watch the entire video for more information here: