Caveat Emptor in the Purchase of New York Real Estate

Under New York law, the doctrine of caveat emptor, or buyer beware, applies to the purchase and sale of real property. Stambovsky v. Ackley, 169 AD2d 254, 257. Under this doctrine, which has undergone some recent modifications, the seller of real property is under no duty to speak (ie, make certain disclosures to the purchaser) concerning the condition of the property when the parties deal at arms’ length. Id. Mere silence on the part of the seller concerning a defective or otherwise undesirable condition of the property, without some act or conduct that deceived the purchaser, does not amount to conduct that is actionable as a fraud. London v. Courduff, 141 AD2d 803, 804.