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New York courts continue to hold that caveat emptor ' let the buyer beware ' represents the general rule applicable to real property transactions. Two recent appellate cases, however, illustrate continuing uncertainty about the remaining scope of the caveat emptor doctrine, while Real Property Law sections 462 and 465 limit the doctrine's significance in many residential transactions.
Margolin and Devine
In Margolin v. I.M. Kapco, Inc., NYLJ 11/8/11, p. 28, the Second Department reversed a trial court's grant of defendant seller's motion to dismiss a residential purchaser's fraud claim. The purchaser alleged that seller had fraudulently represented that there were no leaks in the house and that seller had actively concealed the defects by placing large aluminum roasting pans above the drop ceiling to collect water from ongoing leaks. Supreme Court dismissed purchaser's complaint, but the Appellate Division reversed, emphasizing the need to accept all facts alleged in the complaint as true, and to give plaintiff the benefit of every possible inference on the motion to dismiss. The court held that the facts alleged, if proven, might be sufficient to establish “active concealment” by the seller ' a well-established exception to the caveat emptor rule.
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