Final answer:
In the event that real property sold at a stated rate has an actual area less than stated, legal remedies such as contract rescission or proration of the purchase price may be available, depending on the contract terms and local laws.
Step-by-step explanation:
When a piece of real property is sold at a stated rate but the actual area is less than stated in the contract, there are legal remedies available to address the discrepancy. In many jurisdictions, if the variance in the property size is significant, the buyer may have the option to rescind the contract and receive a refund of any payments made. If the parties choose not to cancel the agreement, proration of the purchase price might be an appropriate solution, where the price is adjusted based on the actual size of the property. It's essential for both the buyer and seller to review the terms of their contract to understand the options and procedures for such situations as these remedies can vary based on local laws and the specifics of the contract.