What are my rights if the actual lot size differs from what was listed on the MLS regarding the home that I just bought?
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What are my rights if the actual lot size differs from what was listed on the MLS regarding the home that I just bought?
I just closed on my house loan and started looking over my lot size. The MLS paper shows it at 1 acre; appraisal shows it at 150×110.
Asked on October 19, 2011 under Real Estate Law, Oklahoma
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 13 years ago | Contributor
In California a statement in the MLS submitted by the listing brokerage if proven to be false essentially results in a form of strict liability against the listing agent and brokerage assuming damages can be proven as a direct result of the false MLS statement if the buyer actually relied upon it in his or her purchase of the property.
In your situation, assuming you obtained a loan for the purchase of the property that you are writing about, is the purchase price equal to or less than the appraised value of the property? If so, then you essentially have no damages to complain about. Likewise, the appraisal most likely sets forth the correct dimensions of the lot's size and you received the appraisal most likely before escrow's close.
From what you have written, you do not have a basis factually to bring an action against the listing brokerage for what was stated in the MLS.
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