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05-21-2007, 01:55 PM
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Senior Member
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Join Date: Apr 2006
Location: SoCA to NC
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NC Real Estate Laws
Can any realtors out there tell me what laws are in place for a builder selling you a home at one square footage only to find out later that the home is 600 square feet smaller than you were told it was? The price was based off a larger square footage. Does a buyer have any recourse regarding this type of thing?
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05-21-2007, 02:40 PM
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Senior Member
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Join Date: Feb 2007
Location: North Raleigh
547 posts, read 823,315 times
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Interesting topic indeed!
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05-21-2007, 02:52 PM
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Not a member
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Join Date: Aug 2006
Location: Cornelius
2,309 posts
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There is fro re-sales. I am not sure about the legalities for a new build.
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05-21-2007, 02:54 PM
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Senior Member
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Join Date: Apr 2006
Location: SoCA to NC
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Quote:
Originally Posted by CharlotteAgent
There is fro re-sales. I am not sure about the legalities for a new build.
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Really what would the difference be? Both would be falsifying documents IMO. Can you tell me what the law is please? |
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05-21-2007, 02:55 PM
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Real Estate Agent
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Join Date: Mar 2007
128 posts, read 176,039 times
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The first question is who listed the home for sale....the builder or was there a real estate agent involved? This would help in who they have to answer to. How long ago did you purchase the home?
I have to say 600 sq' is a huge amount. Did this not feel much less or did you question it and were you told different?
If you can give some specifics some of us on the board can help lead you in the right direction, but understand we can't give legal advice.
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05-21-2007, 02:58 PM
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Real Estate Agent
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Join Date: Dec 2006
Location: Cary, NC
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The answer is in the contract.
Does it specify square footage and price per square foot?
They are not a standard form; so the Buyer should consider having any new construction contract reviewed by the Buyer's attorney.
Did you have yours reviewed?
If so, your attorney can fill you in fast as to what you bought.
And what recourse you might have.
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05-21-2007, 03:05 PM
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Senior Member
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Join Date: Nov 2006
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Did you buy the house sight unseen or did you actually see the house before you bought it? was it already complete, or was the home built to your specifications? Did the house appraise? 600 sf is a lot. What is the total square footage of the home?
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05-21-2007, 03:15 PM
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Senior Member
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Join Date: Apr 2006
Location: SoCA to NC
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We did have a realtor but we bought new through a property group and they negotiated for the builder. MLS listing stated 3300 sq'. Morning of closing I found the home on the builders web site listed as 2680. I brought it up at the closing with the property group, the closing attorneys and our realtor was there. All said that the home was indeed 3300 sq' and pulled out the floor plan sheet (copy on 8x10 sheet of paper) which stated 3300. They said the builder had it listed wrong on their web site. Closed and thought nothing of it until recently. We had an exterminator who pulls info off county records and he pulled up our sq footage as 2760. We are refinancing and it is being questioned again. Then a neighbor down the street said that this house was supposed to originally have a finished attic which would have brought that up to 3300 sq' but that someone who originally thinking of buying the home did not want the attic finished. This home was priced at 3300 sq'. There were other homes for sale at the time of this home and the one other that was 3200 sq' was the price of ours while the ones that were 2800 and 3000 sq' were 40-70K less. I am freaking out a bit. If we ever want to resale this home we could end up really getting jabbed. Plus the fact that we may have paid 40-70K more for a home than it was supposed to be. I have a call into our realtor we used. I just need to know the law here. This would be a major lawsuit in CA.
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05-21-2007, 03:17 PM
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Senior Member
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Join Date: Apr 2006
Location: SoCA to NC
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Quote:
Originally Posted by coltank
Did you buy the house sight unseen or did you actually see the house before you bought it? was it already complete, or was the home built to your specifications? Did the house appraise? 600 sf is a lot. What is the total square footage of the home?
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No the home was freshly built spec home and we saw it and walked through it. We did not get to pick out anything in the home as it was a spec home. |
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05-21-2007, 03:19 PM
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Real Estate Agent
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Join Date: Aug 2006
Location: Wake Forest
2,391 posts, read 2,829,205 times
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Quote:
Originally Posted by CAKD
No the home was freshly built spec home and we saw it and walked through it. We did not get to pick out anything in the home as it was a spec home.
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So the question is did you have an agent? Was there an onsite agent? Did you have the appraisal done on the house? Where did the square footage you were given come from?
Leigh |
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