Can I sue for wrong square footage?
Providing inaccurate or conflicting square footage of a home can lead to a real estate lawsuit. In this case, the selling agent overstated the home’s square footage in the listing and did not correct or disclose knowledge of the inaccuracy. The courts sided with the buyer.
Can Realtors lie about square footage?
If there are discrepancies in square footage, then they should be disclosed to any potential buyer. While this is good practice, a broker is not required to review public records or to pull permits to determine the precise square footage. (Code Civ.
What if square footage is wrong?
What to Do if the Square Footage is Wrong on Your House. If you believe that the public records are inaccurate, you should contact your local county’s assessment department to request that the data be reviewed. The process varies by location; some may ask you to file an appeal or submit a grievance.
Is square footage a material fact?
Square footage is considered a material fact, and a state’s licensing board has the authority to take disciplinary action on an agent making any willful or negligent misrepresentation regarding square footage. So make sure it’s accurate before you state it.
Who is responsible for verifying square footage in a home?
To get independent confirmation of the square footage, you may have to hire an architect or appraiser to re-measure the property. Or you can get a rough idea of its size by multiplying the length and width of every habitable room, then multiplying the total by 1.3, which will factor in halls and bathrooms.
How Much Does square footage affect appraisal?
Value: Appraisers do not give value to square footage based on construction costs, but rather the reaction in the marketplace to extra size. Think of it in terms of a kitchen remodel or pool. Just because a kitchen costs $75,000 to remodel does not automatically mean you’ll see $75,000 in value in the resale market.
Who determines square footage of house?
Multiply the length by the width and write the total square footage of each room in the corresponding space on the home sketch. Example: If a bedroom is 12 feet by 20 feet, the total square footage is 240 square feet (12 x 20 = 240). Add the square footage of each room to determine your home’s total square footage.
How do appraisers determine square footage?
When an appraiser calculates the square footage of a home, it will only measure interior spaces that are heated and cooled. This includes bedrooms (and closets), bathrooms, hallways, kitchen, and living areas, as well as enclosed patios, and finished attics.
How do you prove square footage?
Typically, people calculate price per square foot by dividing the cost of the home by the total cooled and heated square footage of the house. It’s a relatively simple calculation, which is why you can find so many home valuation tools on the internet.
Who determines square footage of House?
Do appraisers verify square footage?
Some appraisers will measure square footage with a good old measuring tape, albeit a large one. Others come equipped with those new state-of-the-art laser devices. I have been present when an appraiser will just eyeball a difficult-to-measure space or even do the wide-arm measurement.
Can a inaccurate square footage lead to a real estate lawsuit?
Providing inaccurate or conflicting square footage of a home can lead to a real estate lawsuit.
What to do if you see wrong square footage on MLS?
Providing a wrong or conflicting square footage might lead to a real estate lawsuit. Thus, it is very important to take the necessary precautions to protect yourself. If you see the MLS is inaccurate, you should also notify the local MLS office and advise your clients to get a survey and appraisal for their property due to the discrepancies.
How to avoid a real estate lawsuit from MLS errors?
Wisely, the insured broker called CRES ClaimPrevent® Legal Advisory, and an attorney advised him to take two key steps: Notify the local MLS of inaccuracies. Advise his buyer clients in writing to obtain surveys and appraisal for lot size and square footage due to known discrepancies (the same advice is prudent for seller clients).
Where can I get a copy of my square footage?
You can start by requesting a copy. In most cases, you can find that information online. The copies may not include recent developments to the property, but they can serve as a good starting point. You should also familiarize yourself with your state’s laws and guidelines on how to calculate your square footage.