Square Footage, Lot Size, and Boundaries

Square Footage, Lot Size, and Boundaries

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

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

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 4 2 2460* 1140* 00000000 *The information contained herein has been obtained through sources deemed reliable but cannot be guaranteed as to its accuracy.

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 #: 5 3 3950* 1360* 00000000 REMARKS *The information contained herein has been obtained through sources deemed reliable but cannot be guaranteed as to its accuracy.

Sample Real Estate Property Sheet Remarks: 799,900 555 Real Estate Lane, Los Angeles, CA 55555 4 3 3982 Square Feet 1398 00000000 1992 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.

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

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

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

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

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.

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

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: www.car.org/riskmanagement/tools/squarefootage-lotsize-boundaries