Beyond Property Lines

Transcription

1 Beyond Property Lines Instructor: Sam Kain Thursday, September 27 You will receive one hour of continuing education for this session. Attendance is taken by scanning your name badge at the beginning of class and remaining in the class for the entire period. If you leave class, your name badge will be rescanned and you will not receive credit for that session.

2 Beyond Property Lines: What Real Estate People Need to Know about Land Part 1 The REALTORS Land Institute LAND (This course is currently undergoing additional development by RLI) 1 Words to live by: I. Welcome Buy land. They re not making it anymore. --Mark Twain "Don't wait to buy land, buy land and wait."--keith Morris 2 II. Introduction: Instructor Sam Kain, ALC, GRI, ABRM Farmers National Company Phone: skain@farmersnational.com 3 1

3 REALTORS Land Institute The REALTORS Land Institute (RLI) is dedicated to building knowledge, relationships, and business for land professionals. 4 Members specialize in land brokerage: farms, ranches, recreational, and other specialty land properties undeveloped tracts transitional and development subdivision and lot wholesaling site selection and assemblage of land parcels 5 The REALTORS Land Institute offers programs and services designed to: provide superior land education and professional development programs encourage open knowledge sharing and interaction among members develop networking and referral opportunities serve as a voice in Washington on land-related issues through its affiliation with the National of Association of REALTORS (NAR). 6 2

4 * Accredited Land Consultant (ALC) Designation Members of the REALTORS Land Institute may earn the prestigious Accredited Land Consultant (ALC) Designation conferred to only those land specialists who achieve the highest level of education, experience, and professionalism. * To learn more about the designation visit Requirements. 7 * LANDU Real estate professionals become land experts and Accredited Land Consultants (ALCs) through LANDU of the REALTORS Land Institute. 8 LANDU offers: Face-to-face courses Online courses Hybrid courses (Independent study with instructor interaction) Web seminars CDs On-Location-Education Programs Corporate Education Programs 9 3

5 NAR Code of Ethics Code Of Ethics-Article 11 Realtors shall not undertake to provide specialized professional services concerning a type of property or service that is outside their field of competence unless they engage the assistance of one who is competent on such types of property or service, or unless the facts are fully disclosed to the client. Any persons engaged to provide such assistance shall be so identified to the client and their contribution to the assignment should be set forth. 10 REALTORS Land Institute (RLI) To learn more about RLI course offerings, visit For more information visit or call LAND 11 Objectives of Course: 1.Jumpstart/refresh land knowledge 2.Anticipate and solve problems 3.Determine use and value 4.Recognize terms and issues common to land transactions 12 4

6 The two most important requirements for major success are: first, being in the right place at the right time, and second, doing something about it." --Ray Kroc Note: This is not about price. It is about where the property is and how to describe that location. 13 Legal Descriptions: Definition: A description of a tract of land in legally accepted terms, so as to show exactly where it is located and it s size. 14 Types of Legal descriptions: Metes and Bounds Rectangular Survey 15 5

7 continued Metes and Bounds Oldest means of describing real estate in the U.S. The system of metes and bounds uses measurements of distance between points (metes) along with physical features and landmarks (bounds) Rectangular survey Institutionalized by 1785 Land Ordinance Act, Public Land Survey System (PLSS) is symmetrical and orderly in defining units of land and establishing standard measures. 18 6

8 Within in the rectangular survey system, the principal meridian is a true north-south line. An east-west baseline is drawn through the Meridian and the junction of these two lines defines the starting point. There are a total 37 principal meridians, which do not correspond to the earth s longitudes Lot and Block The lot and block system is used to describe parcels, usually city lots, within a large tract. The system is based on a plat map, which is created by a subdivision developer or city planner and placed on file with the recorder of deeds or an other official recordkeeping office. 21 7

9 Lot and Block Description Individual lot number Block Reference to the platted subdivision or phase of subdivision Book, volume number and page number that contains the plat map The map s place of official recording 22 GPS GIS Global Positioning System (GPS)» A space-based global navigation satellite system that provides location and time information at all times and anywhere on or near the Earth when and where there is an unobstructed line of sight to four or more GPS satellites. 23 GPS-GIS Geographic Information System (GIS)» Integrates hardware, software, and data for capturing, managing, analyzing, and displaying all forms of geographically referenced information. 24 8

10 Maps Tax plat Aerial photo Topography Flood Plain Soil Survey Department of Transportation 25 Land Types Agricultural Crop production Timber Recreational 26 Land Types Rural Homes and acreages Businesses 27 9

11 Land Types Urban Commercial Industrial Residential 28 Land Types Transitional Highest and best use Jurisdictional rights» Local» State» Federal 29 Highest and Best Use Property is a central economic institution of any society, and private property is the central institution of a free society. --David Friedman 30 10

12 Highest and Best Use Definition: The most probable use of land or improved property that is legally possible, physically possible and financially feasible from the market, and which results in maximum profitability