Replies to post #16328 on SEC Charges Eleven in Stock Manipulation Ring

[mimurray]

Wow...things really are different out there!!! I'm a licensed real estate agent in Minnesota and Florida and the ownership laws aren't all that different between the two states. And I've talked to agents from many other states that have virtually the same kind of laws as those two states. Not absolutely identical, but very close. There is one unique form of property description/ownership that you still see a fair amount of in Minnesota that you don't see in most other states except where there are large parcels of land like a farm for instance. What I'm talking about is the "Metes and Bounds" system of property measurement. Instead of using a lot number and/or the size of the lot, and the name of the neighborhood or community, they actually describe in words the parcel of land. An example of this would be, The lot begins at the edge of Forest lake to the south, continues to the large oak tree surrounded by two large boulders to the east, extends northward to the split rail fence, and the eastern edge of the property follows Hwy. 5.

That sounds crazy but it is still used in a lot of rural areas across the country. That style of property description originated in Europe.

Here in Florida if you are buying a Single Family Residence (in the area I am familiar with) the property description has a lot number, the name of the development if there is one, or the name of the neighborhood, and the lot size, for instance a common lot size is 75 X 100. Sometimes you will also see a designation such as a quarter acre lot, or a one acre lot. There are some areas near me where the smallest lot you can buy is one acre. The idea is to keep the "country look" to the neighborhood. Included in the deed is the dwelling and any out buildings that are within the lot dimensions, and of course, the land itself. Property taxes include the land value and it's developed dwelling(s) if there is one.

It seems odd to me that in California you can own what is essentially a single family home, that is the same as what you can buy here, but you don't own the land it sits on if it's in a development or gated community. Here in Florida it's fairly common for someone to buy a single family residence and then raze the dwelling and rebuild a new home.