Caveat Emptor

Caveat emptor is a Latin phrase which means “let the buyer beware”. This term is mainly used for investors interested in transactions of real property. Essentially, this phrase is used to notify the buyer to properly scrutinize the property before purchasing to make sure that it is in good condition or functioning properly. In other orders, the phrase suggests that customers must be aware of what they are purchasing to avoid scams. For example, if a buyer purchases an already used car, he must be confirmed that it is worth the price he is willing to pay. This is because of the fact that once the transaction is complete, he is not liable to receive any warranty or even a return option. This rule was well suited for buying and selling transactions in the open market and even among neighbors. However, due to the complexity of modern commerce, the buyer is forced to rely upon the judgment and honesty of the seller.

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Edited and Updated 31st May 2014

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