What is the caveat emptor principle in real estate?

Here are some key aspects of the caveat emptor principle in real estate: Property inspection: As a buyer, I should inspect the property carefully and potentially hire a professional inspector to identify any issues. Title search: I need to verify the ownership history of the property to ensure there are no liens or claims against it.

What is caveat emptor?

Caveat emptor is the principle that buyers must look out for themselves. Proper precaution must be taken to be certain there are no major defects in the property. Even with more states moving away from caveat emptor, buyers must do their due diligence before buying a property.

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.