Identity Of Property Sample Clauses

Identity Of Property a. The Purchaser shall admit the identity of the Property purchased with that described in the Proclamation of Sale and such other documents such as muniments offered by the Auctioneer as to the title to the Property upon the evidence afforded by the comparison of the description in the particulars and muniments respectively and with that described in the Security Documents without requiring any further proof.

Identity Of Property. While it seems evident that the purchase agreement must identify the property, it may not be quite so evident how to accomplish this goal. The most obvious answer—use of the street address—usually is not the best approach. While the address can help identify the property, it does not describe the boundaries of the land. References to tax lot numbers can also be misleading. The parties typically will prefer to use the legal description of the property.6 This description often will take the form of a metes and bounds boundary description and may be quite lengthy; for this reason, it may be attached at the end of the purchase agreement as an exhibit rather than included in the body of the agreement itself. The lawyer who chooses to attach the legal description as an exhibit should remember to incorporate that exhibit into the agreement by reference. Remember to include the less obvious elements of the property that may not be encompassed by the legal description of the boundary, such as beds of adjoining public roads, rights-of-way, subsurface rights (including mineral rights), air rights, and devel- opment rights. And be sure to include the improvements located on the land you have just described. In some locations, a street address or block and lot number will suffice. When the property consists of one or more subdivided lots, the parties may use references to numbered lots that are shown on recorded subdivision plats. These devices are particularly useful in newer developments that have been platted, such as residential subdivisions or industrial parks; in heavily urbanized areas, where addresses or block and lot numbers may have been issued in a pre- dictable way and where lots may be of a uniform size and shape; and in condominium properties, where the units typically will be described in a publicly available condominium plan. The use of U.S. Government Survey information is standard in many western and some midwestern and southeastern states, particularly when refer- ring to agricultural property. In all of these examples, the drafter’s use of the “shorthand” information serves to refer the reader to a more precise method of determining the boundaries of the property. Comment: Occasionally properties are identified either by imprecisely drawn plats or by tax plats that are prepared by the local jurisdiction. Tax plats tend to be extremely inaccurate and should not be relied on as the basis for a property description. Properties more frequently are descr...

Identity Of Property. (a) The Purchaser admits the identity of the Property with that defined in the description of Property.