Should you redraw or modify loan documents if the address was wrong?
GoDocs loan documents clearly identify the Real Estate Collateral Location in the defined terms section of the security instrument:
As such, a property address is primarily used for mail delivery, navigation, and convenience, as they can change over time and are inconsistent across different databases. It helps people locate a property physically but does not define its legal boundaries. Therefore GoDocs loan documents rely on a more precise and legally binding identifier: the legal description.
A legal description, usually received from your title insurance or survey company, is a formal, detailed way of describing a parcel of land to uniquely identify property boundaries and location, and is recorded in public land records.