Legal Question in Real Estate Law in California
Appraisal comes up with a different square footage for house
We are in contract for a house.
Our appriasal comes out for the price of the house in the contract, but is 200 square feet smaller than listed on the MLS (roughly 7%).
What are our rights.
Would the law support our getting a reduction in the purchase price by 3.5%(our appriasal also said that the value of the house and land were 50/50.
2 Answers from Attorneys
Re: Appraisal comes up with a different square footage for house
Check the MLS exceptions. It is stated, generally, that the measurements are approximate.
Joel Selik, Attorney/Broker
Joel Selik, Attorney/
Re: Appraisal comes up with a different square footage for house
You have the right to cancel the purchase contract or to try to renegotiate the price. This is why there are appraisals and inspections, so you know what you are getting and can terminate the agreement if it is not what you expected.
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