The Importance of MLS Accuracy by Geraldine Santiago
All first time home buyers rely on MLS listings for its accuracy for much needed information. When the accuracy of the information is either out of date, or if the information is misprinted through human error, or if the information is incomplete, this could eventually create a problem down the road. Many first time buyers look at the cost of purchasing which includes the monthly maintenance fees in strata titled properties. If there is an increase in the maintenance charges and the MLS listing was not updated, (especially for listings which have been on the market for a while) this could potentially cause to buyers to back down from their offer.
Other information that buyers rely upon:
parking lot number and quantity
restrictions (pets, rentals)
Buyers try to do their own due diligence when it comes to purchasing and getting information on the property they are thinking of purchasing, but it is important to provide them with up to date and accurate information.