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SQUARE FOOTAGE & ACREAGE
For Good Measure
BY: WILL MARTIN | GENERAL COUNSEL
Why obtaining accurate measurements for square footage and acreage is important. Square Footage Most properties are listed in a multiple listing service (MLS), and most MLSs in North Carolina require a property’s square footage to be reported. When square footage is reported, it is important for the seller and listing agent to take the necessary steps to ensure that the reported value is reasonably accurate. Remember, some sources of square footage information may not be as reliable, for instance the square footage determined by the property owner, included in property tax records or in a
listing, appraisal report or survey prepared in connection with an earlier transaction. Agents may only report square footage that meets the “Living Area Criteria” as set forth in the NC Real Estate Commission’s Residential Square Footage Guidelines, available in the “Publications” section of the Commission’s website. If the square footage of a property is a material consideration to a buyer, it is up to the buyer to verify the accuracy of the reported square
If the square footage of a property is a material consideration to a buyer, it is up to the buyer to verify the accuracy. ncrealtors.org • INSIGHT 11