Mike’s Real Estate Show

This was a question asked at TruliaVoices. The buyer did not state they had purchased this and found out afterwards. If this happened AFTER the close all heck could break loose!! So if getting a very accurate idea of how much land you have get a survey and read on! On our tax records plat maps it states in big, bold letters, “For Assessment Purposes Only” which means these maps are NOT to be used for determining accurate square footage/acreage of the subject property. I sold a large number of parcels in a heavily wooded, steep area of our county years ago and the plat map stated 550 acres. The Buyer, in his due diligence phase of the contract, actually paid to have a “satellite survey” completed. Acreage came back at 495 acres!! He negotiated and got a price reduction. The only problem you have is trying to determine a cost deficit. Good luck! I had a client years ago tell me he absolutely had to have a 5 acre parcel of land. I took him out and showed him a one acre, flat parcel. He replied, “I had no idea 5 acres was so big!” I then told him it was ONE ACRE!! He GOT the message. You can cancel the deal, try to negotiate the price or just buy the property .That said, if the listing also stated you could split the property into 2 –1/2 acre parcels, the listing agent now has a disclosure issue to a future buyer and may have to drop his price on the listing.