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Kevin Schlosser Writes, “Caveat Emptor Bars Fraud Claim in Real Property Sale”

Sep 10, 2021Litigation & Dispute Resolution

As I explained in a prior post: “In real property transactions, the doctrine of caveat emptor (‘let the buyer beware’) bars a claim for fraud against the seller for failing to disclose information unless the seller ‘actively conceals’ relevant and material information from the buyer.” The cases show that actually even more is required than the seller “actively concealing” the information. That is, the “concealment” must actually prevent the buyer from learning the information itself, in the exercise of reasonable diligence. Indeed, the element of reasonable reliance factors into this scenario as well. A new decision of the Appellate Division, Fourth Department (Chapman v Jacobs, 2021 NY Slip Op 04794 (4th Dep’t Decided Aug. 26, 2021), amplifies these concepts.

Read the full post here.