Question:
If according to the Agreement of Purchase and Sale lot dimensions describe a depth of 100 feet, and after client moved in and did a survey he found out the lot in depth is 95 feet What action could be taken by the buyer to this effect?
Answer:
Following the closing, in this situation, there is no remedy. This should have been identified and requisitioned prior to the closing taking place.
Now, it’s too late.
Small discrepancies can be significant.
This issue is “materiality” not the dimensions themselves.
A Buyer proposed to acquire a property 60t feet in width. The actual width was 59 feet 7 inches. That was 5 inches short. Most of the time it wouldn’t really matter, but in this case the Buyer who was a Builder proposed to sever the parcel into two 30 lots and build semis. So, the 5 inches was really quite a big deal. In the circumstances “more or less” didn’t cover the shortfall.
Since this situation was identified prior to closing, the Buyer was able to get out of the deal and was not obligated to close.
Brian Madigan LL.B., Broker