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Let me clarify, we have NOT closed on the house. We completed the attorney review stage and have a contract. The attorney has advised that we can void the purchase contract if we want, given that the survey shows the lot size as 1.38 acres vs. the 1.5 acres in the listing.
The seller has responded to our query, the 1.5 measurement was provided by the Tax Assessor and that was the value they used.
I am trying to reach the town's Tax Assessor now. Keeping fingers crossed and will appreciate any advice on how this discrepancy might have come about.
I found this bizarre too. Why didn't the attorney insist they wait to ensure that everything was okay?
Must be me, I always thought that inspection (and survey) happens after you've put in the offer to buy and the offer has been accepted i.e. after attorney review completed.
The difference between EXACTLY 1.5 acres and 1.38 acres is 580 sq. yards, not a completely trivial amount of area, but if you know that a regulation US football field is 53.3333 yards wide you are worrying about something that is less than 10 yards long x the width of a standard field...
Anyone that would call an attorney over this really needs to investigate the meaning of " IDRBNG"
Must be me, I always thought that inspection (and survey) happens after you've put in the offer to buy and the offer has been accepted i.e. after attorney review completed.
But you said you had successfully closed. When someone says in the real estate world that they have "closed" it means that the title has been transferred and it is yours.
The difference between EXACTLY 1.5 acres and 1.38 acres is 580 sq. yards, not a completely trivial amount of area, but if you know that a regulation US football field is 53.3333 yards wide you are worrying about something that is less than 10 yards long x the width of a standard field...
Anyone that would call an attorney over this really needs to investigate the meaning of " IDRBNG"
Uh, you can build 2 houses on a 0.12 acre parcel
Kenilworth Boro, NJ, 07033 - MLS ID#2701438 - Single Family Home real estate - REALTOR.com® (http://www.realtor.com/realestateandhomes-detail/Kenilworth-Boro_NJ_07033_1111244249 - broken link)
But you said you had successfully closed. When someone says in the real estate world that they have "closed" it means that the title has been transferred and it is yours.
You are not closed. You are still in escrow.
My bad. Thanks for the correction. Yes, I am in escrow.
My bad. Thanks for the correction. Yes, I am in escrow.
Thanks so much for clarifying - all of us base our responses on the original post and I had thought when you said the attorney review was completed and 'closed' before your attorney had reviewed the survey, well . . . anyway glad that's not the case because this is something that can always be negotiated if you feel it's a big deal (i.e., difference in sq.ft.). Best of luck to you.
Uh, you can build 2 houses on a 0.12 acre parcel
Kenilworth Boro, NJ, 07033 - MLS ID#2701438 - Single Family Home real estate - REALTOR.com® (http://www.realtor.com/realestateandhomes-detail/Kenilworth-Boro_NJ_07033_1111244249 - broken link)
If these lots are adjacent to yours this might be relevant comparison, but if, as I suspect, the house you are considering is in area where some lots are a bit over 1.5 acres and some are a bit under the important thing is to base your offer to those of similar size.
When purchasing lots for redevelopment the current zoning standards are critically important and the exact determination of how the permitting authority would regulate / calculate allowable FAR must be known before an offer is made.
Location: Mokelumne Hill, CA & El Pescadero, BCS MX.
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Quote:
Originally Posted by betatester
The seller has responded to our query, the 1.5 measurement was provided by the Tax Assessor and that was the value they used.
The interesting thing is that you looked at the property, you liked the property, and presumably, the rough boundaries of the property were pointed out to you. So if someone told you it was 1.2 acres, 1.7 acres or 5 acres, you liked it. I tell people that I visualize one acre being about the size of a football field, which is true for me, even though a regulation football field is bigger than an acre.
If the assessors office gave them a number which they gave to you, I don't see you being out anything other than the traumatic discovery that the numbers didn't match.
The seller has responded to our query, the 1.5 measurement was provided by the Tax Assessor and that was the value they used.
I am trying to reach the town's Tax Assessor now. Keeping fingers crossed and will appreciate any advice on how this discrepancy might have come about.
Many counties have this information available online, now.
It's very common, at least in my area, ( Chet knows what I am talking about) for there to be discrepencies between the assessor's lot size/ square footage of the improvement and reality.
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Are purchasing for redevelopment?
