What Property Did You Think You Were Buying?

By: Tom Muller
– GlobeSt.com

EVP for acquisitions calls her favorite lawyer: "We're buying Three Rivers Shopping Center, so get going on due diligence."

Favorite lawyer immediately calls title company: "I need a title report on Three Rivers Shopping Center, ASAP," and surveyor: "I need a survey of Three Rivers Shopping Center, ASAP."

In due course the title company produces a title report naming the owner, giving an eight-page metes and bounds property description indecipherable to normal humans, and a list of covenants, easements and liens affecting the property. Soon thereafter, the surveyor produces a survey showing many parcels of land, the buildings located on them and plots of the various easements affecting those properties.

How do the lawyer, the title company and the surveyor know that the property described in the eight-page property description is the same as the property shown on the survey?  How do all three of them know that that property is the same thing as EVP for acquisitions meant when she said she was buying Three Rivers Shopping Center?

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