What is the concept of statute of limitations?

Jul 16, 2021

Kiritsis Law Group 212 922 0005

By: John Kiritsis, Esq., CPA, MBA, MS, JD, LL.M

Generally, it refers to the time period before law bars the filing of suits to enforce a claim.  Depending on the jurisdiction and local legal customs, a statute of limitations could be used as an affirmative defense to mitigate and / or avoid liability due to a tort action or a contractual dispute. Statute of limitations is important in real estate law in a number of ways, because real property is unique and real estate contracts must often meet certain formalities to be legally binding and enforceable; as a result, legal disputes are somewhat limited based on the contract language (parties and their attorneys normally spend a lot of time drafting and reviewing them) leaving statute of limitations as one of the main focal points over which legal battles are often waged around. Also, a main reason behind the creation of a statute of limitation is to prevent a claimant (i.e. owner) from sleeping on his rights, and this need is only accentuated in real property law where states want to promote efficient use of the real property. 

 

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