Question

Which is more important--understanding the legal description (a physical measurement of the land) or understanding the economic characteristics of the land? Or is it equally important to have a clear cut understanding and appreciation for both? Justify your answer.

Answer 1

Legal description of a real property is very important because legal description of the real property will be able to deal with the location of those real property in order to find out the valuation of those real property and this kind of legal description is important for all those assets which are real assets in nature and these real assets will not be having any kind of the physical movement.

Economic characteristic of land it is not that important as legal description because economic characteristic of land will not be fluctuating that much but legal description of land will be providing a view of the fluctuating value of the land due to the location and the existing use of presence in a location.

legal description will always be important in order to avoid any kind of litigation associated with the valuation of the land also because this is a survey based method which will be continuously updating the value of the land whereas the economic benefit are not that important as legal description method.

it is important to have an understanding of both the methods but that should be a special emphasis on the legal description method which will be continuously updating the value of the land through continuous surveys and various other methods which are in line with the rules and regulations of the government whereas economic benefits method will not be as beneficial but they will also be providing up with various benefits which are attached to the use of the land.

So, it can be said that it is important to have a better understanding of both the method of legal description and economic characteristic of land