CAVEAT EMPTOR - Lat. 'buyer beware.'
This rule used to generally apply to all sales, especially
between individuals. It gives the buyer full responsibility
for determining the quality of the goods in question.
The seller generally has no duty to offer warranties
or to disclose defects in the goods.
This concept has been modified by various state and
federal laws as well as principles such as consumer
protection and disclosure statutes and implied warranties
- i.e., of use, safety, etc. However, such things
may provide incentive and redress, but not full protection
against miscreants, so it is best to always be cautious.
Let the purchaser take heed; that is, let him see
to it that the title he is buying is good. This was/is
a rule of the common law applicable to the sale and
purchase of lands and other real estate. If the purchaser
pay the consideration money he cannot, as a general
rule in every case, recover it back after the deed
has been executed; except in cases of fraud, or by
force of some covenant in the deed which has been
broken. The purchaser, if he fears a defect of title,
has it in his power to protect himself by proper covenants
and if he fails to do so the law provides for him
no remedy.
This rule was severely assailed as being the instrument
of falsehood and fraud; but it was too well established
to be disregarded and is still operative in many situations.
