Caveat Emptor

Question 1

What does caveat emptor mean in definition?

Answer 1

Let the buyer beware

Question 2

What is the legal meaning of caveat emptor?

Answer 2

Buyer takes property as they find it

Question 3

When can you withdraw from property transaction?

Answer 3

• Can withdraw at any point up to exchange; * Cannot withdraw after exchange if they find problem

Question 4

Does the seller need to give all relevant information?

Answer 4

• Seller generally under no obligation to give buyer all relevant information; • It is buyer’s solicitor’s job to investigate fully and ask the right questions

Question 5

How does one investigate title?

Answer 5

The Land Registry, if registered.
Deeds, if not registered

Question 6

What could pre-contract enquiries be?

Answer 6

Standard or specific

Question 7

What are searches?

Answer 7

Requests from various bodies, such as Land Registry, statutory undertakers (i.e. water and drainage supply companies)

Question 8

What is a survey?

Answer 8

Surveyor will inspect for any defects, etc

Question 9

What if something is wrong before exchange?

Answer 9

• Buyer can walk away without any legal liability; • No legal right to recover any costs from other party