Square Footage, Lot Size, and Boundaries

Transcription

1 Square Footage, Lot Size, and Boundaries

2 Your Duties in a Real Estate Transaction Fiduciary duty to c ie ts Duty of ho esty to a pri cipa s

3 How Duties Impact Disclosure of Estimates of Square Footage, Lot Size and Boundaries Listi g Advertiseme ts Disc ose ALL k o estimates a d ALWAYS i c ude: (1) The source of the materia (2) That you have ot verified the i formatio

4 MLS Considerations Some Mu tip e Listi g Services (MLSs) automatica y fi i the square footage or ot size fie ds from pub ic records Some include disclaimers like this i formatio is deemed re iab e but ot guaranteed, This i formatio may ot be adequate if : 1) the source of the materia is ot ide tified a d 2) there is a fai ure to i dicate that the i formatio has ot bee verified $429,900 Bedroom: Bathroom: Lot Size: Square Footage: MLS #: REMARKS * 1140* *The information contained herein has been obtained through sources deemed reliable but cannot be guaranteed as to its accuracy.

5 Sample MLS Disclaimer Like y I sufficie t MLS disc aimer The source of the materia is ot ide tified Fai ure to i dicate that the i formatio has ot bee verified $659,900 Bedroom: Bathroom: Lot Size: Square Footage: MLS #: * 1360* REMARKS *The information contained herein has been obtained through sources deemed reliable but cannot be guaranteed as to its accuracy.

6 Sample Real Estate Property Sheet Remarks: 799, Real Estate Lane, Los Angeles, CA Square Feet August 1, 2017 Beautiful, spacious, California home. New Paint, carpet, and tile. Missi g disc aimer that i formatio has ot bee verified i the Remarks Disc aimer may be sufficie t to avoid iabi ity, but best practice requires both: Ide tificatio of i formatio source Disc aimer that age t has ot verified the i formatio Information above obtained from source: building and safety Disclaimer: The information contained herein has been obtained through sources deemed reliable but cannot be guaranteed as to its accuracy. Any information of special interest should be obtained through independent verification.

7 Additional Remarks: Square Footage Estimates 3876 (tax assessor) 3976 (seller s lender s appraisal) 4000 (se er) Lot Size Estimates 1321 (tax assessor) 1500 (se er) If there is more tha o e estimate avai ab e, ALL estimates shou d be disc osed Provide disc osure i the Remarks sectio of the MLS or advertiseme t, or i a separate adde dum

8 Seller Provided Estimates Ask se ers if they have a y docume tatio to support a estimate of square footage Disc ose the i formatio as provided by se er a d that it has ot bee verified

9 Advising Buyers Cautio buyers agai st re yi g o y o i formatio i pub ic records (it may be i comp ete or ro g) If buyer desires a certai size ot, advise buyer to obtai a appraisa Obtai i g a i depe de t appraisa may provide additio a protection in case the lender s appraisa va ue is ot accurate

10 Advising Buyers If buyer requires a particu ar square footage or ot size a d does ot obtai a i depe de t appraisa : Advise buyer i riti g of the risk i re yi g o pub ic records, estimates from others, a d (especia y) se er remarks

11 Agent Do s and Do Not s DO NOT: Ide tify bou dary i es or markers DO: Recomme d that buyer hire a e gi eer or surveyor to ide tify the bou daries or mo ume t markers. Whi e tit e compa ies i p ot out the bou daries of a easeme t, upo request, they do ot do so for property bou daries. Use C.A.R. Form SWPI (Septic I spectio, We I spectio, Property Mo ume t a d A ocatio of Cost Adde dum), paragraph 3, to a ocate the costs of such i spectio s.

12 Easement Considerations Watch the i spectio co ti ge cy time periods For questio s o exte t of a recorded easeme t, direct buyer to tit e compa y or a a yer Easeme t issues ofte i vo ve access to property, a shared drive ay, a d hether it i c udes access o y or right to parki g

13 ADDITIONAL RESOURCES Square Footage, Lot Size and Boundaries C.A.R. VIDEO SHORT QUICK GUIDE Buyer Video & Seller Video Buyer & Seller Guide to Navigating Square Footage Available at: