Is there statute of limitation on property sale?
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Is there statute of limitation on property sale?
Agreement was set to sell a piece of property in 2010 in NY state. The buyers are
responsible to complete the sale as they are from a different state. As to date
the deal is still not completed after numerous requests. What can be done? Thank
you.
Asked on November 11, 2017 under Real Estate Law, New York
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 6 years ago | Contributor
Yes, the statute of limitations would be the statute of limitations on contracts--that is, on the agreement to sell the property. Once that statutory period has passed, you would be unable to enforce the agreement. This period varies by state, but would be either 1) that of the state listed in the contract (contracts often, but not always, indicate which state's law applies to them), or 2) if no state is listed, would likely be that of the state in which the property is located. Your question indicates New York; the contracts statute of limitations in NY is 6 years.
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