Understanding caveat emptor

At Finefair we work hard to assist buyers of all shapes and sizes, including those looking for the best investment properties Harrow has to offer. As part of our service we provide all kinds of support and advice. We can also go on to handle management and letting, focusing on continuing to deliver the best for our clients.

One thing you may see when you buy a property, whether as your own residence or an investment, is the phrase “caveat emptor”. This is Latin for “let the buyer beware” and it is the principle that the individual or individuals behind a purchase are responsible for checking the quality of goods.

Caveat emptor becomes relevant when you consider the Property Information Form. This document is designed so the seller can include the information they have about the property. Ideally they will provide useful details about the condition of everything from the roofing to the boiler. Unfortunately though they are likely to state that conditions are only “to the best knowledge or the seller” or some similar phrase. This protects them in case the buyer finds any problems.

The principle of caveat emptor is that buyers should always do their own inspections of goods rather than relying solely on the details provided by the seller. In terms of a property this means they should have their own survey conducted. If they fail to do so and the seller has included a phrase like the one above the buyer is responsible for conditions not being as they were stated. The only time this is not the case is if the details provided are fraudulent or reckless.

At Finefair we can offer invaluable advice like that above. We work hard to support our clients and ensure they are clear on their responsibilities and how they can protect their interests. If they are in the process of looking for or buying investment properties Harrow buyers should contact us for assistance.