Caveat Emptor: Let The Buyer Beware

By
Real Estate Broker/Owner with American West Realty and Management 12599

ca·ve·at emp·tor

ˌkavēˌät ˈem(p)ˌtôr/noun
 
The principle that the Buyer alone is responsible for checking the quality and suitability of goods before a purchase is made.
 
In the great State of Wyoming, Caveat Emptor is a comon law rule that basically means the buyer is responsible for inspecting and determining the condition of the property they are purchasing. If there is a problem, it is the Buyer's job to find it.
 
Although it's the Buyer's responsibility to discover, the Seller can not knowingly mislead or outright lie about an existing problem. If the Buyer asks about flooding problems in the basement and the Seller lies about it, the Seller could be liable for that.
 
If you are a Buyer, be sure to inspect the property thoroughly. Review the Title Commitment. Talk to neighbors. Request a Property Condition Disclosure. Do whatever you can to ensure you are buying what you think you are buying.
 
If you are buying or selling in the Cody area, contact American West Realty and let us help you navigate the process!
 
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Comments (10)

Kristin Johnston - REALTOR®
RE/MAX Platinum - Waukesha, WI
Giving Back With Each Home Sold!

Great information!  I hope your weekend was a great one too!

Nov 06, 2017 07:18 AM
Joe Pryor
The Virtual Real Estate Team - Oklahoma City, OK
REALTOR® - Oklahoma Investment Properties

We have statute law in Oklahoma so this is less an issue for us but the buyer should still beware to make sure he is being represented properly.

Nov 06, 2017 07:15 PM
Nathan Gesner
American West Realty and Management - Cody, WY
Broker / Property Manager

Thank you, Kristin. It was a great week until my wife left me!

She's attending the Broker course and will be gone for 12 days. My other Property Manager also went, so I am short-handed at work and at home!

Nov 06, 2017 07:20 PM
Nathan Gesner
American West Realty and Management - Cody, WY
Broker / Property Manager

Joe, under any circumstance I think the Buyer needs to accept responsibility for knowing what they are buying. Thanks for commenting!

Nov 06, 2017 07:21 PM
Debb Janes EcoBroker and Bernie Stea JD
ViewHomes of Clark County - Nature As Neighbors - Camas, WA
REALTORS® in Clark County, WA

Hi Nathan, Very true, and buyers with good agents will do a lot of due diligence prior to closing. The good news, once an inspection uncovers any issues, the seller now has knowledge of a problem and must disclose, disclose, disclose. D 

Nov 07, 2017 06:25 AM
Joe Pryor
The Virtual Real Estate Team - Oklahoma City, OK
REALTOR® - Oklahoma Investment Properties

Regardless of what state law says I think that buyer beware is always a good attitude to take especially with the highest priced purchase most people make.

Nov 08, 2017 02:59 PM
Lawrence "Larry" & Sheila Agranoff. Cell: 631-805-4400
The Top Team @ Charles Rutenberg Realty 255 Executive Dr, Plainview NY 11803 - Plainview, NY
Long Island Condo and Home Specialists

Yes, Let The Buyer Beware is a true statement that home buyers should keep in their mind before signing on the dotted line...

Nov 10, 2017 05:36 AM
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

This saying and its meaning should be understood by buyers everywhere for the purchase of anything.

Nov 10, 2017 05:46 AM
Endre Barath, Jr.
Berkshire Hathaway HomeServices - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

Nathan I am here because of Gabe Sanders  re-blog I love this post and just an FYI here in California we have about 15 plus pages to make buyers be aware:))Endre

Nov 19, 2017 07:56 PM
Candice A. Donofrio
Next Wave RE Investments LLC Bullhead City AZ Commercial RE Broker - Fort Mohave, AZ
928-201-4BHC (4242) call/text

Pretty similar to the magickal land of AZ . . . and yes, every rock must be turned over before signing off!

Dec 17, 2017 07:22 AM