Asked and AnsweredThe listing stated that the apartment was 1,100 square feet, but the appraisal measured the apartment at 900 square feet. Can we cancel the contract and get our money back?
I’m afraid not. Unfortunately, listings often get the facts wrong. The description of the apartment by the broker should be viewed only as an advertisement (e.g.,” charming” usually means small). Unless there is a representation in the contract that actually states the square footage, once the contract is signed the description of the apartment in the listing ceases to have any value. The buyer has the responsibility to confirm all of the relevant details about the apartment, including square footage, before the contract is signed. Contracts usually contain a provision that the buyer is not relying on any statements, promises, estimates, broker setups, or inducements, other than as set forth in the contract. Residential reality: never rely on anything stated in the listing. For more, see “Give Due Diligence It's Due: Investigating Before You Sign the Contract.”