What is Caveat Emptor?

By
Real Estate Agent with Howard Hanna - Avon Lake, OH 2006004434

Caveat Emptor means "buyer beware".  it is the buyer’s responsibility to do their due diligence to inspect every aspect of the property they are interested in prior to closing on a sale. Slowly, state by state, began transferring the responsibility from the buyer to the seller by doing away with the caveat emptor law. In the State of Ohio homes are required to have a Property Disclosure filled out by the Seller.  However in cases of short sales or homes that have not been owner occupied that form is not filled out for reasons that there is no one to fill out the form.  

However Caveat Emptor still applies to property disclosure in that the home owner / seller only answers questions to the form.  

In many States there is no property disclosure. Case after case settled in Supreme Courts have stated their decision was based on the fact, the seller misrepresented a fact on the disclosure form. In some of those cases the judges based their decision on the fact the buyer never asked a specific, direct question to the seller. This sounds like a good basis for requiring a seller disclosure on every transaction. It would get all the defects out in the open so they can be dealt with and it would probably lessen the liability on the real estate agent as well. 

A solid home inspection and having the home area checked for flood map locations can hopefully resolve any potential risk to the buyer. Unfortunately this may not find all the secrets behind a home purchased.  There for example could be structural problems with that home or what the home was built on foundation wise.

Of course I can stir the pot here and state simply buy a home from a buyer who is responsible for filling out a property disclosure and get that home inspection but I am sure there still great opportunities out there that can be missed this way to so all in all Caveat Emptor

Posted by

See my current community info video:

 

Struggling to search for Avon Lake, Avon, North Ridgeville, Sheffield Lake and Sheffield Village Homes?  Need some easier way to do it on the go?  Trulia 
and Zillow are great programs however they are not local.  They are not current to activity at the minute and projections on values of homes are questionable based on global measures and not having local information as a local Realtor would.  So what to do? Add my search engine to your mobile devise or  computer and get direct and current home sales, open houses, know when a home is off the market and sold right away and find similar homes in the area.  The search engine has GPS function that you can activate on your phone  and with that it will give you comparables while you are in the driveway of that dream home.  Now how cool is that?  

Try it.   http://stanleystepak.hanna2go.com

Stanley Stepak Jr. M.A.

Realtor

Howard Hanna - Gold, Avon Lake, Ohio

440-476-0234

Check out my profile at:stanleystepak.howardhanna.com              

Email me at stanleystepak@howardhanna.com  

Homes for sale in Avon Lake area are most sought after because of the superior schools, community activity and recreation, and park like setting this community offers. .If you are planning on buying, selling or relocating in the Avon Lake area, please give me a call as your Avon Lake Realtor.  I would be more than willing to help you with all your Real Estate related needs.

 

If you are looking for a great real estate agent in the Avon lake area,

  Let me GOOGLE one for you!

QR Code 200

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Topic:
Home Buying
Location:
Ohio Lorain County Avon Lake
Groups:
Active Rain Newbies
Out Of The Box!
"Whacked"!!!
Addicted to Active Rain
Trulia users
Tags:
relocation to cleveland area
buying a house in avon lake
best realtor in cleveland area

Post a Comment
Spam prevention
Spam prevention
Post a Comment
Spam prevention

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?

Rainmaker
456,450

Stanley Stepak

Realtor - Avon Lake, Avon, Bay Village, Westlake,
Looking to sell or buy a home in the Avon Lake area
*
*
*
*
Spam prevention

Additional Information