DID YOU KNOW: "Caveat Emptor" ~ A literal translation of this term is "let the buyer beware". Under this old legal doctrine, a buyer of real estate has the duty to inspect the property he is purchasing and will be held to have accepted any defects or conditions that are discoverable by a reasonable diligent inspection. Under a strict application of the doctrine, the buyer is considered to take the property "as is". This doctrine has been eroded somewhat by modern court decisions so that sellers of real estate today have a duty to avoid any INTENTIONAL FRAUDULANT ACTS, such as taking steps to HIDE A PROPERTY DEFECT about which the seller has no knowledge. "ALTHOUGH NC IS A CAVEAT EMPTOR STATE", the doctrine has little, if any, application to actions of real estate agents, who have extensive duties to both buyers and sellers under various state real estate license laws.
Posted on: Sun, 04 Aug 2013 11:38:36 +0000
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