Definition
"Let the buyer beware": the buyer is responsible for finding a property's problems. How much a seller must disclose depends on the state.
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Find my pathAbout this term
Caveat emptor is a traditional legal principle that puts the burden of discovering a property's defects on the buyer. Some states have narrowed it with seller-disclosure laws; how far it still applies, and what a seller must tell you, depends on the state. Either way, the buyer's own inspections are the real protection.
Pro Tip
Whatever the seller discloses, get your own inspection during your due diligence period.
Example
The buyers relied on the seller's disclosure form instead of an inspection, and found a failing roof after closing.