What is caveat emptor in real estate?

Most states don't uniformly apply caveat emptor, offering buyers some assurance of product/service protection. However, the courts in the states below still tend to uphold it for real estate transactions. Caveat emptor refers to instances when buyers must be vigilant about researching the condition of an item for sale.

What does “caveat emptor” mean when buying a used car?

Latin for “Let the buyer beware.” It means that a customer should be cautious and alert to the possibility of being cheated: “Caveat emptor is the first rule of buying a used car.” Caveat emptor, this list could go on for another dozen easily. Meanwhile you trust at your peril, caveat emptor, your eyes are your market, or words to similar effect.

What happens if a buyer fails to meet a 'caveat emptor'?

A buyer who fails to meet this burden is unable to recover for defects in the product that would have been discovered had this burden been met. The phrase “caveat emptor” is Latin for “let the buyer beware.” Caveat emptor principles are generally still followed today; however, they are subject to exceptions.