Sometimes homes are “Sold-As-Is”.
The term is used to indicate the seller shall have no obligation to make repairs to the property and the buyer purchases the property at his/her own risk. Even if the purchaser agrees to buy the property in “as is” condition, the buyer should request the right to conduct an inspection prior to closing, in order to ascertain the nature and extent of any structural or other damage. Should an inspection reveal the property to be in a state of decay beyond repair, the buyer must retain the right to terminate the contract and be refunded the “Earnest Money.”
This is however not the most way most homes are sold.
“Caveat Emptor.” A common law concept from the Latin that means "let the buyer beware." It expresses the general concept that in the absence of any misrepresentation, the buyer must examine the goods or property and purchase at his or her risk.
So home buyers, never assume that a home, be it new or a resale home, is devoid of problems or that a home was built correctly because of the involvement of a municipal building department and the department's inspections, or has no flaws because someone else has lived in it before.
Before any purchase do the proper research and inspections. According to RealEstateWiki.com the top five most frequently asked questions regarding inspections and disclosures are:
The answers to these questions, including another 500 important home buying and selling questions are available at RealEstateWiki.com, the privately funded, non-profit, free online real estate encyclopedia.
