In a real estate contract for the sale or purchase of a property, you’ll notice the term “Subject Property”. So what’s that mean?

Subject property is legally defined as the address and description of the property in question. It includes the full address and a full legal description. The full legal description generally includes such specifics as the size and any easements.

“Easement” is the right of a non-owner to use parts of the property to be purchased or sold. It can be, for example, part of a walkway that is frequently used by your neighbour. While this may apply more for houses, make sure to see if there are any easements in your contract to save yourself from potentially annoying surprises!

This entry was posted on Monday, February 11th, 2008 at 10:06 am and is filed under Trade Talk. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.