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Listing
Listing Property
Term | Definition |
---|---|
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 |