Caveat Emptor (“Buyer Beware”)
This concept requires buyers of real property to take care and diligently inquire into the structural and environmental condition of the property and neighborhood before entering the real property contract.
- Example : Bill offered to purchase Sally’s house. Against the advice of Gulotta & Gulotta, PLLC, Bill decided not to get an inspection of the property before entering into the contract of sale. Later, Bill found that the plumbing system was in disrepair and the roof was leaking. Bill cannot now rescind the contract of sale.