Kiritsis & Associates



    What is the concept of statute of limitations?

    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. 


    Law Offices of Kiritsis & Associates 

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