What do you do when someone fails to disclose a property defect before you purchase real property in Los Angeles? The first step, as a Los Angeles Real Estate Attorney, we analyze the statute of limitations. For example, if you are considering suing the listing broker for a residential property you just purchased, you have to determine whether the statute of limitations has run. In other words, are you still able to sue under the law. In California real estate transactions there is a special statute of limitations applicable to listing agents. Generally, the buyer can only sue the listing agent for 2 years from the date escrow closed. Note, however, this rule is not applicable to non-intentional claims. Thus, if you can prove the broker engaged in fraud you still may be able to sue outside the two-year time frame.
If you are suing the prior owner, the general statute of limitations for breach of contract is 4 years. So you should bring your claim within 4 years of discovery of it or the date of the close of escrow.
Determining the applicable statute of limitations for your case is a very important first step. Often times the statute of limitations issues are not terribly straightforward and require an attorney to decipher. We strongly encourage you to consult with an attorney right away if you are concerned about statute of limitations problems.
For more information on your Los Angeles Real Estate dispute contact Schorr Law, APC, www.schorr-law.com.