- When Statutes Of Limitation Vary, Don't Wait To File Suit
- June 17, 2015 | Author: John Paul Nefflen
- Law Firm: Burr & Forman LLP - Nashville Office
Investing in real estate is difficult. Buyers, sellers and developers often make strategic business decisions influenced by changing market forces, contingencies that never materialize, promises not kept, and unpredictable partnerships and alliances. Among the many decisions real estate investors and developers must make is whether to file suit when a deal sours or wait to see if the dispute gets resolved.
Lawsuits can be unpleasant and the potential expense leads many individuals and businesses to delay filing their claims. The danger in waiting is that delay can result in total loss.
The law imposes strict time limits for filing suit - the “statute of limitations.” Once the statute of limitations passes, a claim is barred and a hard lesson is learned too late: don’t wait to file suit.