Thread Options
#2270313 - 05/11/22 02:29 PM Property Address on LE and CD
Razor Offline
New Poster
Joined: Aug 2015
Posts: 6
I have encountered a home construction loan that was closed with a property on the LE & CD simply as the Section/Township/Range and local zip code. Please keep in mind each section of land is 640 square acres in the US. The borrower owns 366 acres in this section. I am accustomed to seeing an abbreviated legal description of the land the home is to be built on plus the zip code. All 366 acres were pledged on this loan. My question is, should the LE & CD property address be just the legal description of the 366 acres plus the zip code or is it alright to have the whole section described plus the zip code? This seems rather picky to me, but I do not want the institution written up by examiners on a LE/CD violation or worse yet, have it questioned in court someday.

Return to Top
TRID - TILA/RESPA Integrated Disclosures Rule
#2270319 - 05/11/22 03:45 PM Re: Property Address on LE and CD Razor
Dan Persfull Offline
10K Club
Dan Persfull
Joined: Aug 2002
Posts: 46,710
Bloomington, IN
In these instances, which is few and far between, we use the short legal description from the tax assessment.
_________________________
The opinions expressed are mine and they are not to be taken as legal advice.

Return to Top