Alberta real estate professionals must use the Residential Measurement Standard (RMS) when measuring residential properties. This measurement standard helps consumers easily and accurately compare different types of residential properties.
The RMS offers a consistent means of representing the property’s above grade space. Among other things, the RMS sets out what parts of a property can be included in its measured-area. For example, if a room has a dormer with a ceiling height of only 4 feet, is it included as floor space? What about finished basements that are entirely below grade? The RMS information benefits consumers because:
When stating a residential property’s area, your real estate representative must follow the RMS principles:
Your real estate professional also has a responsibility to ensure you understand the RMS and its implications, and is required to discuss it with you. This discussion will help you make informed decisions about the size and suitability of properties.
For more information about the RMS, you can read the Consumer Guide to the Residential Measurement Standard in Alberta.
As a buyer, your real estate representative must explain the relationship between property size and price, the measured size the seller is representing, what it entails, and information about details like above grade and below grade measurements.
Property size and measurement are important factors for most buyers and your real estate professional must discuss the following with you:
Many purchase contracts contain clauses placing the onus on the buyer to verify the property size. If property size is important to you, tell your representative, and take steps to verify the size rather than relying on the seller’s representation.
If you want to verify measurements, you can ask your real estate professional to hire a property measurement company or you or your real estate representative can measure the property. You and your real estate professional should discuss whether you should take measurements before making an offer to purchase or as a condition of your offer, and who will pay the cost of the measurement company.
Throughout this process, as a buyer, keep in mind that a property’s size isn’t the only thing sellers are using to set a listing price for their home. Two homes, with the exact same measurements, are unlikely to sell at the same price. The price of a home will also depend on features, décor, state of upkeep.
As a seller, your real estate representative must explain the relationship between property size and price, the role of the RMS, what it entails, and information about details like above grade and below grade measurements.
Your real estate professional is required to discuss the following with you:
Throughout this process, as a seller, keep in mind that a property’s size isn’t the only thing buyers are concerned about. Two homes, with the exact same measurements, are unlikely to sell at the same price. The price of your home will also depend on features, décor, state of upkeep.
Are you getting ready to buy or sell a home? If you’re a buyer, have you thought about how much space you want? If you’re a seller, have you thought about how the size of your home will affect your list price?
Property size is important, and the Residential Measurement Standard (RMS) in Alberta provides a consistent way to communicate property size for both buyers and sellers. It contains nine principles that real estate professionals must follow when measuring and representing the size of residential property.
Here are the top six things buyers and sellers need to know about residential property measurement, and the Residential Measurement Standard, in Alberta.