EAGLESTAR.NET LAND AND PROPERTY REVIEW
http://www.eaglestar.net
Issue #2
Feb. 4, 2008

In this issue:
PROPERTIES OF THE WEEK
PRUDENCE AND DUE DILIGENCE WHEN BUYING LAND, PART 1: THE SURVEY
BUYER'S LIST AND AUCTION NEWS
LANDTERMS.COM TERM OF THE WEEK: EMINENT DOMAIN


"Ultimately, property rights and personal rights are the same thing."
- Calvin Coolidge


PROPERTIES OF THE WEEK
Every issue we feature several properties that we find especially interesting. The focus this week is on land with easy terms.

Property #1 - 20 acres near Christmas Valley, Oregon. Close to utilities and paved roads. Zero down financing available. For photos and additional information, visit http://www.eaglestar.net/hrr3-.html

Property #2 - 1 acre investment property, along I-40 corridor east of Albuquerque, NM. Financing available. A steal at $4,000, with monthly payments of only $100. To view photos and additional information, visit http://www.eaglestar.net/hrr1-.html

Property #3 - Mohave County, AZ: 3 acres cleared, surveyed, and staked. Utilities and paved roads very close. 25 miles from Laughlin, NV and Kingman, AZ. Owner will carry. For photos and additional information, see http://www.eaglestar.net/hly29-.html


PRUDENCE AND DUE DILIGENCE WHEN BUYING LAND, PART 1: THE SURVEY

Q: Why is it important for a property to have a survey, and what should the survey show?
A: Without a proper survey, a prospective buyer has no way of knowing if the parcel is the size the seller is claiming it is. The property corners or boundaries should be clearly marked during a survey, so that the buyer can actually see the physical extent of the property. A survey should also show any encroachments and easements that exist on the property, which prospective buyers should be aware of in order to make an informed decision about purchasing the property. Before you pay for a survey, check to see if a survey for that property has already been legally recorded. If a new survey has to be completed, make sure it is recorded whether it was paid for by you or by the seller.

Q: What are encroachments and easements?
A: An encroachment is an unauthorized invasion or intrusion onto property owned by another or onto a public street. Encroachments typically reduce the size and value of the invaded property. Examples of encroachments include improperly located private roads and driveways, or structures such as buildings, walls, or fences.
An easement is an interest in land owned by another entitling the holder of the interest to limited use or enjoyment of a portion of that land. Common types of easements include rights of way for the installation of utilities or for roads that provide access to other lots or parcels.

Q: Are there any situations where a survey is not necessary?
A: Yes. If a parcel lies within a platted town, section, or subdivision, it is not necessary to have a recorded survey. A plat is a recorded map showing boundaries of individual properties within a development. A plat also shows the locations of streets, alleys, and public areas. The county or parish government where such properties are located can tell you if a property is platted or not.

Q: What is legal recording, and how does it affect the survey?
A: Legal recording is a process by which written instruments affecting the title to real property are entered into a book of public records. Documents that are typically recorded include deeds, mortgages, sales contracts, options, assignments, surveys, plats, and so on. Legally recorded documents provide proper public notice of the existence of such documents and their contents. Recording is usually done by a county or parish recorder's office, but in some areas may be done by a city, county, or parish clerk, auditor, or other such office.
A survey contains a legal description of the land. It also provides notice of the location of property boundaries, easements, and encroachments. Ensuring that the survey is recorded offers some protection against fraudulent claims or illegal intrusions made against the property or its title at a later time.


BUYER'S LIST AND AUCTION NEWS
See over 850 "Real estate wanted" listings created by registered property buyers, searchable by keyword at http://www.eaglestar.net/Land_Buyers_List/index.html

North Carolina, South Carolina, Georgia, Tennessee: Developer seeks any type of waterfront property. Also seeking timberland in all southeastern locations. Please refer to buyer #2009175.

Texas: Looking for parcel, at least 2 acres, with trees and views. Must be located within 40 minutes of Dallas, Houston, or San Antonio. Please refer to buyer #20219.

Colorado mountains: Desire parcel for hunting and recreation. Prefer water, trees, good access. Please refer to buyer #20189.


LANDTERMS.COM TERM OF THE WEEK
http://landterms.com
Every issue we feature a real estate, forestry, natural sciences or other land-related term from our partner site, Landterms.com.
This week's term is:

Eminent domain - the power and right of state, federal, or municipal government to take private property for a necessary public use, with just compensation paid to the owner. The court action that allows private property to be acquired by a government entity is known as condemnation.

Eminent domain definition and related terms - http://landterms.com/Alphabetical/E/Eminent_domain_244.html
Real estate terms - http://landterms.com/Real_Estate/index.html
All categories of terms - http://landterms.com/categories.html

Landterms.com is continually updated with new terms. Check back frequently for updates. If you have a term you'd like to suggest, log in and let us know!


COMING SOON:
Buyer Beware! Land Buying Tips, Pt. 2
Allodial vs. Feudal Title - What's the Difference?
Real Estate Explained: Zoning

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