Want To Buy A Property? Please Beware! One of the important legal concepts that govern the relationship between a buyer and a seller is that of ‘caveat emptor,’ a Latin phrase that means ‘let the buyer beware.’ In simple terms, it means that in a sale transaction, the buyer should take reasonable precaution to investigate and consider the product he or she is buying or else he or she is buying ‘as it is’ inclusive of any obvious or hidden defect. Although modern developments and trends in consumer law have reduced the weight of this principle on the buyer through instruments such as warranty, there is still a need for all buyers to ‘look before they leap’ literally. A buyer should not expect to buy a perfect property but if you are well informed and know what to look for, you will pay a fair price based on the true state of the property. The preliminary place to start is usually with a simple question, ‘Why does the seller want to sell?’ The answer to this question could be a serious pointer to what to look for especially when the seller is selling a single property or his entire stake in an area. More often than not, sellers will tell their agents why they want to sell the property and if you have engaged the services of an experienced real estate agent, they can discreetly find out the real reason why the property is being offered for sale. *Verify the truth...behind that property!
Posted on: Thu, 23 Oct 2014 09:58:08 +0000
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