What is the Statute of Limitations on Real Estate Contracts
Question: What is the Statute of Limitations in Real Estate Contracts?
Answer: In several sections of our Purchase Contract, the end of the section reads:The provisions of this Section shall survive Closing.. What does this mean? It means that if there is any issue arising from this section, there is a period of time that this could be valid and addressed in a court of law. If there are issues that arise, taking action as soon as you can is always the safest. But, most contract statute of limitations are either 4 or 6 years and something like fraud could be a little as 3 years. I think depending on the issue it would probably be 3-6 years. It would be unlikely that anything would be less than that.
Link to Statute of Limitations: https://le.utah.gov/xcode/Title78B/Chapter2/78B-2.html