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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