Square Footage Law/Form Revisited – Important, please read

Just In case you did NOT view this on Monday when we originally sent it out, please read this, it is from Susan Beach and it is very important re: how you do business!!


From Kelly Monaghan, Esq., Holloway and Monaghan

If the licensee provides any party to the transaction square footage information, the licensee is required to identify the source of the information.
The source, referred to as “third party information,” includes an appraisal or measurement prepared by a licensed appraiser, a survey or developer’s plan prepared by a licensed surveyor, tax assessor public records, or building plans used to construct or market the property.

The law states the licensee has no duty to the seller or purchaser to conduct an independent investigation of the size or area of the property or to
Independently verify the accuracy of the third party information.

The law does not require any square footage information to be provided. However, IF provided, the licensee should provide information from all sources available to them, especially if the reported square
footage is not the same. Additionally…

View original post 139 more words


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