Important information about the way that your property will be measured for display as an MLS® Listing by ComFree.
RMS Guidelines:
Correlation between property size and asking price: Some sellers and buyers may think there is a direct correlation and proportional relationship between the sale price and the size of the property, but this is often not the case. The precise correlation depends on the specific circumstances of the transaction. Size is often only one factor in assessing the asking and selling price of a residential property. While some buyers are concerned only with property size, others base their price decisions on multiple variables that may determine the property’s suitability. It is wise to consider the other factors that differentiate the comparable properties such as location, layout, style, modernization, finishing, amenities, fixtures, and even the direction the home faces. As a result, small size differences between properties may not affect the sale price.
Condominiums: Difference between RMS and the condominium unit registered size. The area that is included in your unit’s registered size as set out on the condo plan may differ from the RMS area. Registered size may include below-grade areas, storage lockers, garages, balconies, and even wall thickness. If these types of inclusions are made, the total size will differ from the RMS area.
Sellers are not required by law to represent the size of their property. However, Real Estate Boards require that all MLS® listings show property size. Therefore, if you have an MLS® listing, you must show RMS area.
The trademarks REALTOR®, REALTORS® and the REALTOR® logo are controlled by The Canadian Real Estate Association (CREA) and identify real estate professionals who are members of CREA. The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by CREA and identify the quality of services provided by real estate professionals who are members of CREA.
* Only when the buyer comes direct, otherwise the seller may choose to negotiate a commission with the buyer’s agent.