Sunday, September 16, 2012

Property Rights and Legal Descriptions

Property Rights
This article about property rights comes from the encyclopedia of economics and is written by Armen A. Alchian. He provides a very technical description of property rights. He rejects the common notion that property rights go against human rights. He believes that property rights are human rights. He gives the definition of property rights to be "the exclusive authority to determine how a resource is used, whether that resource is owned by government or by individuals." The task of defining and allocating property rights within a society is not an easy one. Private property holders can have exclusive rights to the land, or they may have restrictions on how the land can be used. Either way, the rights of the property owner must be explicitly stated.

Real Estate Legal Descriptions

This link conveys in plain English what the legal description of real estate is. They narrow it down into two categories of property; platted, and unplatted. The plat gives very specific location, size, and shape of each plot of land. The direction and distance of property lines are measured by a system of metes and bounds. The picture on the right shows how a developer would use this system to plot out the property lines of a subdivision.

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