Legal Question in Real Estate Law in New York

As a buyer, if I find intentional falsifications on the Seller's Property Condition Disclosure Statement, am I entitled to compensation regarding issues directly related to the items that were falsified?

Is there a time limit before I lose my right to take legal action?

* This particular property issue is so severe, I would have never purchased this home had the seller honestly disclosed this information to me.


Asked on 10/10/12, 3:32 pm

1 Answer from Attorneys
Paul Vaygen Law Offices of Paul A. Vaygen

New York law does not make it easy for the buyer to win this type of a case.

You must prove:

1. The seller knew or should have known of the condition;

2. The seller misrepresented the condition and/or effectively prevented you from discovering the condition; and

3. You had the building inspected by a qualified inspector and an ordinary inspection could not have discovered the condition

Since the statute does not set a time limit, under contract law you have 6 years after closing to start an action for fraud. If, due to the nature of the condition, it would have been impossible for you to discover the fraud (and you can prove that), you have 2 years after discovering the condition based on concrete evidence.

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Answered on 10/21/12, 10:16 am


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