Caveat Emptor, Why Buyers Must Take Responsibility Before It’s Too Late

PODCAST EPISODES - LISTEN HERE

Caveat Emptor is a Latin phrase originating from ancient Roman law that has been adopted and developed within English common law systems. When translated, it means “let the buyer beware”, and it was designed to place the responsibility of due diligence firmly on the purchaser.

It is a phrase that is still used frequently in property law today. Although sellers and their agents are now obliged to disclose material facts or defects about a property, the reality is that a worrying number of people selling homes are completely unaware of the issues affecting them.

That is why it is vital that buyers physically inspect a property and look at it with a critical eye, letting the head take over from the heart for a moment, and ensuring that surveys and searches are commissioned early in the transaction. Very often, your environmental report will give a clear indication of the level of survey that may be advisable.

Equally important is taking the time to engage with and actually read the reports and paperwork you are sent. Gone are the days of being invited into your solicitor’s office for a face-to-face review of findings. Today, reporting is largely digital. Reports and opinions are emailed or posted, and once that reporting has taken place, your solicitor has done their job. The responsibility to make an informed decision sits with you.

Too many buyers assume that when the contract and report arrive for signing, their solicitor has effectively given the property a rubber stamp. That is simply not the case. Your solicitor’s role is to raise questions and obtain answers. Whether those answers are acceptable is entirely for you to decide. Any unacceptable points should be flagged, but they still require your judgment.

One of the biggest downsides of modern property transactions is that too much information is held back for too long. Many buyers do not see key reports until they are being asked to exchange contracts with a legally binding completion date. It can feel like standing at the altar, with everyone watching, expected to go through with it, even though this may be the first time you have truly seen what you are committing to.

And just as you would not marry someone at first sight, you should not commit to a property purchase without spending proper time reviewing the details and reports yourself. Staying engaged, requesting reports as soon as they are completed, and keeping control of the process helps avoid last minute shocks and, more importantly, prevents you from buying a property that could become your worst nightmare.

Thanks for listening to this episode of Moving Home, Uncovered. If you found this useful, subscribe so you don’t miss future episodes, and head over to propertysearchesdirect.co.uk/podcast to send me your questions. I’ll cover them in future episodes to help make moving home a smoother, less stressful experience for everyone.