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Listing

Listing Property

TermDefinition
Material Facts Have a direct effect on value. Roof,pollution,bad furnace
Non-Material facts Have no effect on value. Reason for sale.
Sellers Disclosure Statement Seller of residential property must be completed,signed and delivered to buyer before singing.
Ad Valorem According to value.
Special Assessment Improvement by local government. Roads and utilities
Tax Calculation Taxes paid = value x mileage rate%
Personal Property Tax Paid on personal property , i e trade fixtures
Mileage Rate One mill= one tenth of a cent
Assessment Rate The ratio between the assessed value and its appraised value
Deed Restrictions A provision in the deed aimed at controlling the present and the future of the land.
Leagal Description A description of real property that gives exact location.
Metes and Bounds Measure boundaries. Proper is described through a series of distance and angular measures.
Lot Block - Subdivision Method Regulated under the Michigan land division Act.
Base Lines Imaginary lines running East and West every 24 miles ( latitude Lines)
Meridian Lines Imaginary lines running North and South every 24 miles
Range Lines Imaginary lines running every 6 miles parallel to the Principal Meridian.
Township Lines Imaginary lines running every 6 mi parallel to the Principal Base line.
Township A parcel of land, 6 mi. X 6 mi. In size
Section 640 acres
Acre 43,560 square ft.
Range A line of townships running North and South
Tier A line of townships running East and West
Setback Ordinance Distance from lot edge where building is erected
Created by: Jgjg