Pennsylvania Statute of Repose Takes Effect in Late February

Pennsylvania Gov. Richard Wolf on Dec. 2 signed HB 1255, legislation that establishes an appraiser-specific statute of repose that takes effect Feb. 20. Pursuant to this new law, an action to recover damages against an appraiser must be brought within five years of the date on which the appraisal was conducted. The repose period does not apply to actions brought against appraisers by individual property owners as part of a cash purchase of residential property or to actions where there is evidence of fraud or intentional misrepresentation.