Caveat Emptor is a legal term that comes from the Latin for “Let the Buyer Beware”. It’s based on the principle that the buyer alone is responsible for checking the quality and suitability of goods before a purchase is made. In Virginia, the term is often associated with real estate and the purchase of a home.
According to the National Association of Realtors, caveat emptor is a Latin term meaning “let the buyer beware.” A legal maxim stating that the buyer takes the risk regarding quality or condition of the property purchased, unless protected by warranty.
Buyers often must sign a disclosure statement. Note that there are exceptions when this disclosure statement will not be available to the buyer.
It puts the responsibility of ensuring the condition of the home on the buyer of the home. The home inspection often addresses many potential concerns but there are other areas such as adjacent properties and flood zones that require more research.
As a home buyer or home seller, it’s important to know what documents you are signing. A knowledgeable and skilled real estate agent will walk you through the contracts and processes. It is imperative that you ask questions along the way.
SEE RELATED VIDEO
Be sure to also check out my September 2022 Market Update
As always, please reach out with questions and concerns.