Maryland Legal Description and Well or Unit Information: Explained In Maryland, the legal description and well or unit information play crucial roles in real estate transactions and the management of oil and gas resources. Understanding these concepts is essential in ensuring property rights, delineating boundaries, and facilitating efficient resource extraction. Let's delve into the details of Maryland's legal description and well or unit information, highlighting different types that exist within the state. 1. Maryland Legal Description: The legal description of a property in Maryland provides an accurate and comprehensive representation of its boundaries and location. It involves the use of specific terms and measurements to define the property's edges and size. Maryland legal descriptions typically include: — Metes and Bounds: This method defines property boundaries by referring to natural landmarks and distances. It involves describing the property's boundaries by outlining a series of directions, distances, and angles. Metes and bounds descriptions are commonly used in rural areas where properties have irregular shapes or when referencing older surveys. — Lot and Block: This description method is typically employed in platted subdivisions or developments. Each lot within the subdivision is assigned a specific number or block, and the legal description references these identifiers and references the subdivision's plat map, indicating boundaries. — Subdivision: Used for properties within formally established subdivisions, this description method refers to the section, block, and lot numbers from the recorded plat. This standardized method simplifies property identification and delineation within planned communities. 2. Well or Unit Information: Well or unit information is pertinent for managing oil and gas resources found in Maryland. It aids in determining the extent, ownership, and production of hydrocarbon deposits. Different types of well or unit information in Maryland include: — Well Location: Describes the precise geographic coordinates or legal land description of oil or gas wells. — Well Status: Provides current information about the operational status of a well, such as whether it is actively producing, temporarily shut-in, abandoned, or under maintenance. — Unitization: Involves the consolidation of oil and gas fields or reservoirs under a single management entity. Unitization allows for efficient resource extraction by rationalizing drilling operations, mitigating waste, and preventing co-mingling of hydrocarbons between different property owners. — Production Rates: Represents the amount of oil, gas, or other hydrocarbons extracted from a well or unit over a given timeframe, often measured in barrels or cubic feet per day. Understanding these various types of Maryland legal description and well or unit information is crucial for property owners, real estate professionals, and oil and gas industry stakeholders. These details help ensure accurate property transfers, efficient resource management, and compliance with legal and regulatory frameworks governing land and resource use in Maryland.
Maryland Legal Description and Well or Unit Information
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A Maryland deed is used to transfer ownership in real estate from one person (usually called the grantor, or seller) to another (usually called the grantee, or buyer). In Maryland a deed must include the name of the grantor and the grantee, the consideration paid for the property.
Be at least 65 years of age.
Assessed value refers to the value assigned a property, such as a home, by the local government. It is used by the tax authority to determine the property taxes that a homeowner owes. Often, it's calculated as a percentage of the fair market value of the property.
To add a name to a deed in Maryland, you must prepare a new deed that includes both the current owner's name and the new owner's name. The current owner is the grantor, and the new owner is the grantee. The new deed should include a legal description of the property.
State law specifically requires that all taxable property shall be assessed based on its fair market value. The courts have also interpreted this requirement to mean that assessments must be based on the fair market value of the property. An assessment is based on an appraisal of the fair market value of the property.
Real property tax is calculated by multiplying the tax rate (per $100) by the property's assessed value. The tax rate is set each year by the County Council. The tax rate schedule is available on the web.
Every county and municipality in Maryland is required to limit taxable assessment increases to 10% or less each year (in Montgomery County it is 10%). The owner must have lived at the property for a full tax year and the property must be listed as their principal residence.
Certificate of Preparation Individuals not licensed to practice law in this state may not prepare a deed for anyone else. A Certificate of Preparation attests that the document was prepared by an attorney licensed to practice law in the State of Maryland.
