Caveat emptor in property sales - Revision history

Designing Buildings at 10:36, 3 July 2024

2024-07-03T10:36:20Z

← Older revision		Revision as of 10:36, 3 July 2024
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	The situation is complicated further by the existence of guarantees (which should be transferrable, but are only as good as the company that gave them), collateral warranties and third party rights which may give additional rights to the purchaser.		The situation is complicated further by the existence of guarantees (which should be transferrable, but are only as good as the company that gave them), collateral warranties and third party rights which may give additional rights to the purchaser.
		+
		+	See also: Caveat.

	= Related articles on Designing Buildings =		= Related articles on Designing Buildings =

		+	* Caveat.
	* Collateral warranty.		* Collateral warranty.
	* Construction contract.		* Construction contract.

Editor: Reverted edits by Pwootton (talk) to last revision by Designing Buildings

2024-04-22T10:08:29Z

Reverted edits by Pwootton (talk) to last revision by Designing Buildings

← Older revision		Revision as of 10:08, 22 April 2024
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−	The phrase ~~‘[https://dlssolicitors.com/define/caveat-emptor/ caveat emptor]’~~ (or ‘buyer beware’) refers to the general principle that the seller of an item will generally know more about it than the purchaser and so the purchaser must take care to check the item before agreeing a price and purchasing it.	+	The phrase ‘caveat emptor’ (or ‘buyer beware’) refers to the general principle that the seller of an item will generally know more about it than the purchaser and so the purchaser must take care to check the item before agreeing a price and purchasing it.

	Whilst legislation such as the Sale of Goods Act and the Unfair Contract Terms Act provide some protection to consumers, allowing them to return goods that are not of an acceptable standard, it does not apply to the sale of property (although it may apply to new goods in a property).		Whilst legislation such as the Sale of Goods Act and the Unfair Contract Terms Act provide some protection to consumers, allowing them to return goods that are not of an acceptable standard, it does not apply to the sale of property (although it may apply to new goods in a property).
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	The purchaser of property must take care to satisfy themselves that there are no unacceptable defects in the quality, fitness, or title of that property, as they may have no remedy against the seller if it turns out that there are defects. As a result, buyers will tend to investigate the title to a property they are considering purchasing, commission surveys and carry out searches to satisfy themselves that the property is acceptable.		The purchaser of property must take care to satisfy themselves that there are no unacceptable defects in the quality, fitness, or title of that property, as they may have no remedy against the seller if it turns out that there are defects. As a result, buyers will tend to investigate the title to a property they are considering purchasing, commission surveys and carry out searches to satisfy themselves that the property is acceptable.

−	Whilst the seller of property cannot make untrue statements or representations, they are under no obligation to disclose material facts to the purchaser. The only exception to this is if the seller is aware of latent defects in title or issues relating to the property which the purchaser could not reasonably discover by inspection, then the seller must disclose those defects to the purchaser. Failure to do so can entitle the buyer to claim damages or to rescind the contract.	+	Whilst the seller of property cannot make untrue statements or representations, they are under no obligation to disclose material facts to the purchaser. The only exception to this is if the seller is aware of latent defects in title or issues relating to the property, which the purchaser could not reasonably discover by inspection, then the seller must disclose those defects to the purchaser. Failure to do so can entitle the buyer to claim damages or to rescind the contract.

−	As it can be difficult to determine whether a defect is ‘obvious’ and so does not need to be disclosed, sellers may adopt a cautionary approach~~; however~~, this can affect the price or the progress of the sale.	+	As it can be difficult to determine whether a defect is ‘obvious’ and so does not need to be disclosed, sellers may adopt a cautionary approach, however this can affect the price or the progress of the sale.

	It is also important that the seller does not make statements or sign contracts that confirm they are not aware of any defects.		It is also important that the seller does not make statements or sign contracts that confirm they are not aware of any defects.

−	This combination of failure to disclose and misrepresentation can produce complicated situations. For example, a seller may not be obliged to disclose the extent of the title of a property, as this should be reasonably discoverable by the purchaser. However, if the property details falsely indicate the extent of the title, then this may amount to misrepresentation.	+	This combination of failure to disclose and misrepresentation can produce complicated situations. For example, a seller may not be obliged to disclose the extent of the title of a property, as this should be reasonably discoverable by the purchaser. However, if the property details falsely indicate the extent of the title then this may amount to misrepresentation.

−	The situation is complicated further by the existence of guarantees (which should be ~~transferable~~ but are only as good as the company that gave them), collateral warranties and third-party rights, which may give additional rights to the purchaser.	+	The situation is complicated further by the existence of guarantees (which should be transferrable, but are only as good as the company that gave them), collateral warranties and third party rights which may give additional rights to the purchaser.

	= Related articles on Designing Buildings =		= Related articles on Designing Buildings =

Pwootton at 10:06, 22 April 2024

2024-04-22T10:06:00Z

← Older revision		Revision as of 10:06, 22 April 2024
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−	The phrase ~~‘caveat emptor’~~ (or ‘buyer beware’) refers to the general principle that the seller of an item will generally know more about it than the purchaser and so the purchaser must take care to check the item before agreeing a price and purchasing it.	+	The phrase ‘[https://dlssolicitors.com/define/caveat-emptor/ caveat emptor]’ (or ‘buyer beware’) refers to the general principle that the seller of an item will generally know more about it than the purchaser and so the purchaser must take care to check the item before agreeing a price and purchasing it.

	Whilst legislation such as the Sale of Goods Act and the Unfair Contract Terms Act provide some protection to consumers, allowing them to return goods that are not of an acceptable standard, it does not apply to the sale of property (although it may apply to new goods in a property).		Whilst legislation such as the Sale of Goods Act and the Unfair Contract Terms Act provide some protection to consumers, allowing them to return goods that are not of an acceptable standard, it does not apply to the sale of property (although it may apply to new goods in a property).
Line 5:		Line 5:
	The purchaser of property must take care to satisfy themselves that there are no unacceptable defects in the quality, fitness, or title of that property, as they may have no remedy against the seller if it turns out that there are defects. As a result, buyers will tend to investigate the title to a property they are considering purchasing, commission surveys and carry out searches to satisfy themselves that the property is acceptable.		The purchaser of property must take care to satisfy themselves that there are no unacceptable defects in the quality, fitness, or title of that property, as they may have no remedy against the seller if it turns out that there are defects. As a result, buyers will tend to investigate the title to a property they are considering purchasing, commission surveys and carry out searches to satisfy themselves that the property is acceptable.

−	Whilst the seller of property cannot make untrue statements or representations, they are under no obligation to disclose material facts to the purchaser. The only exception to this is if the seller is aware of latent defects in title or issues relating to the property, which the purchaser could not reasonably discover by inspection, then the seller must disclose those defects to the purchaser. Failure to do so can entitle the buyer to claim damages or to rescind the contract.	+	Whilst the seller of property cannot make untrue statements or representations, they are under no obligation to disclose material facts to the purchaser. The only exception to this is if the seller is aware of latent defects in title or issues relating to the property which the purchaser could not reasonably discover by inspection, then the seller must disclose those defects to the purchaser. Failure to do so can entitle the buyer to claim damages or to rescind the contract.

−	As it can be difficult to determine whether a defect is ‘obvious’ and so does not need to be disclosed, sellers may adopt a cautionary approach, however this can affect the price or the progress of the sale.	+	As it can be difficult to determine whether a defect is ‘obvious’ and so does not need to be disclosed, sellers may adopt a cautionary approach; however, this can affect the price or the progress of the sale.

	It is also important that the seller does not make statements or sign contracts that confirm they are not aware of any defects.		It is also important that the seller does not make statements or sign contracts that confirm they are not aware of any defects.

−	This combination of failure to disclose and misrepresentation can produce complicated situations. For example, a seller may not be obliged to disclose the extent of the title of a property, as this should be reasonably discoverable by the purchaser. However, if the property details falsely indicate the extent of the title then this may amount to misrepresentation.	+	This combination of failure to disclose and misrepresentation can produce complicated situations. For example, a seller may not be obliged to disclose the extent of the title of a property, as this should be reasonably discoverable by the purchaser. However, if the property details falsely indicate the extent of the title, then this may amount to misrepresentation.

−	The situation is complicated further by the existence of guarantees (which should be ~~transferrable,~~ but are only as good as the company that gave them), collateral warranties and third party rights which may give additional rights to the purchaser.	+	The situation is complicated further by the existence of guarantees (which should be transferable but are only as good as the company that gave them), collateral warranties and third-party rights, which may give additional rights to the purchaser.

	= Related articles on Designing Buildings =		= Related articles on Designing Buildings =

Designing Buildings at 11:42, 15 February 2023

2023-02-15T11:42:46Z

← Older revision		Revision as of 11:42, 15 February 2023
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	The phrase ‘caveat emptor’ (or ‘buyer beware’) refers to the general principle that the seller of an item will generally know more about it than the purchaser and so the purchaser must take care to check the item before agreeing a price and purchasing it.		The phrase ‘caveat emptor’ (or ‘buyer beware’) refers to the general principle that the seller of an item will generally know more about it than the purchaser and so the purchaser must take care to check the item before agreeing a price and purchasing it.
−
−	~~{{:Newsletter_sign_up_CTA}}~~

	Whilst legislation such as the Sale of Goods Act and the Unfair Contract Terms Act provide some protection to consumers, allowing them to return goods that are not of an acceptable standard, it does not apply to the sale of property (although it may apply to new goods in a property).		Whilst legislation such as the Sale of Goods Act and the Unfair Contract Terms Act provide some protection to consumers, allowing them to return goods that are not of an acceptable standard, it does not apply to the sale of property (although it may apply to new goods in a property).
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	The situation is complicated further by the existence of guarantees (which should be transferrable, but are only as good as the company that gave them), collateral warranties and third party rights which may give additional rights to the purchaser.		The situation is complicated further by the existence of guarantees (which should be transferrable, but are only as good as the company that gave them), collateral warranties and third party rights which may give additional rights to the purchaser.

−	= Related articles on Designing Buildings ~~Wiki~~ =	+	= Related articles on Designing Buildings =

	* Collateral warranty.		* Collateral warranty.
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	* Technical due diligence.		* Technical due diligence.
	* Vendor survey.		* Vendor survey.
−
−	~~=== External references ===~~
−
−	* Scotland.gov [http://www.scotland.gov.uk/Resource/Doc/1035/0015238.pdf Caveat emptor].

	[[Category:DCN_Definition]] [[Category:DCN_Guidance]] [[Category:DCN_Legislation]] [[Category:Other_legislation]] [[Category:Property_law]]		[[Category:DCN_Definition]] [[Category:DCN_Guidance]] [[Category:DCN_Legislation]] [[Category:Other_legislation]] [[Category:Property_law]]

Editor at 10:27, 26 January 2021

2021-01-26T10:27:50Z

← Older revision		Revision as of 10:27, 26 January 2021
Line 1:		Line 1:
	The phrase ‘caveat emptor’ (or ‘buyer beware’) refers to the general principle that the seller of an item will generally know more about it than the purchaser and so the purchaser must take care to check the item before agreeing a price and purchasing it.		The phrase ‘caveat emptor’ (or ‘buyer beware’) refers to the general principle that the seller of an item will generally know more about it than the purchaser and so the purchaser must take care to check the item before agreeing a price and purchasing it.
		+
		+	{{:Newsletter_sign_up_CTA}}

	Whilst legislation such as the Sale of Goods Act and the Unfair Contract Terms Act provide some protection to consumers, allowing them to return goods that are not of an acceptable standard, it does not apply to the sale of property (although it may apply to new goods in a property).		Whilst legislation such as the Sale of Goods Act and the Unfair Contract Terms Act provide some protection to consumers, allowing them to return goods that are not of an acceptable standard, it does not apply to the sale of property (although it may apply to new goods in a property).

Designing Buildings at 06:17, 10 October 2020

2020-10-10T06:17:12Z

← Older revision		Revision as of 06:17, 10 October 2020
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	The situation is complicated further by the existence of guarantees (which should be transferrable, but are only as good as the company that gave them), collateral warranties and third party rights which may give additional rights to the purchaser.		The situation is complicated further by the existence of guarantees (which should be transferrable, but are only as good as the company that gave them), collateral warranties and third party rights which may give additional rights to the purchaser.

−	~~= Find out more =~~	+	= Related articles on Designing Buildings Wiki =
−		+
−	=== Related articles on Designing Buildings Wiki ===	+

	* Collateral warranty.		* Collateral warranty.
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	* Scotland.gov [http://www.scotland.gov.uk/Resource/Doc/1035/0015238.pdf Caveat emptor].		* Scotland.gov [http://www.scotland.gov.uk/Resource/Doc/1035/0015238.pdf Caveat emptor].

−	[[Category:~~Other_legislation~~]] [[Category:DCN_Legislation]] [[Category:Property_law]]	+	[[Category:DCN_Definition]] [[Category:DCN_Guidance]] [[Category:DCN_Legislation]] [[Category:Other_legislation]] [[Category:Property_law]]

Editor at 12:12, 9 April 2018

2018-04-09T12:12:59Z

← Older revision		Revision as of 12:12, 9 April 2018
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	* Guarantees.		* Guarantees.
	* Latent defects.		* Latent defects.
		+	* Reservation agreement.
	* Rights of third parties.		* Rights of third parties.
	* Technical due diligence.		* Technical due diligence.
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	* Scotland.gov [http://www.scotland.gov.uk/Resource/Doc/1035/0015238.pdf Caveat emptor].		* Scotland.gov [http://www.scotland.gov.uk/Resource/Doc/1035/0015238.pdf Caveat emptor].

−	[[Category:Other_legislation]] [[Category:Property_law]]	+	[[Category:Other_legislation]] [[Category:DCN_Legislation]] [[Category:Property_law]]

Editor at 15:00, 12 May 2016

2016-05-12T15:00:52Z

← Older revision		Revision as of 15:00, 12 May 2016
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	* Rights of third parties.		* Rights of third parties.
	* Technical due diligence.		* Technical due diligence.
		+	* Vendor survey.

	=== External references ===		=== External references ===

Designing Buildings at 11:49, 14 December 2015

2015-12-14T11:49:32Z

← Older revision		Revision as of 11:49, 14 December 2015
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−
	The phrase ‘caveat emptor’ (or ‘buyer beware’) refers to the general principle that the seller of an item will generally know more about it than the purchaser and so the purchaser must take care to check the item before agreeing a price and purchasing it.		The phrase ‘caveat emptor’ (or ‘buyer beware’) refers to the general principle that the seller of an item will generally know more about it than the purchaser and so the purchaser must take care to check the item before agreeing a price and purchasing it.

Line 8:		Line 7:
	Whilst the seller of property cannot make untrue statements or representations, they are under no obligation to disclose material facts to the purchaser. The only exception to this is if the seller is aware of latent defects in title or issues relating to the property, which the purchaser could not reasonably discover by inspection, then the seller must disclose those defects to the purchaser. Failure to do so can entitle the buyer to claim damages or to rescind the contract.		Whilst the seller of property cannot make untrue statements or representations, they are under no obligation to disclose material facts to the purchaser. The only exception to this is if the seller is aware of latent defects in title or issues relating to the property, which the purchaser could not reasonably discover by inspection, then the seller must disclose those defects to the purchaser. Failure to do so can entitle the buyer to claim damages or to rescind the contract.

−	As it can be difficult to determine whether a defect is ‘obvious’ and so does not need to be disclosed, sellers may adopt a cautionary approach, however this can affect the price or the progress of the sale.~~<br/>~~	+	As it can be difficult to determine whether a defect is ‘obvious’ and so does not need to be disclosed, sellers may adopt a cautionary approach, however this can affect the price or the progress of the sale.

	It is also important that the seller does not make statements or sign contracts that confirm they are not aware of any defects.		It is also important that the seller does not make statements or sign contracts that confirm they are not aware of any defects.
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	=== Related articles on Designing Buildings Wiki ===		=== Related articles on Designing Buildings Wiki ===
−	*Collateral warranty.	+
−	*Construction contract.	+	* Collateral warranty.
−	*Defects.	+	* Construction contract.
−	*Latent defects.	+	* Defects.
−	*Rights of third parties.	+	* Guarantees.
−	*Technical due diligence.	+	* Latent defects.
		+	* Rights of third parties.
		+	* Technical due diligence.

	=== External references ===		=== External references ===
−	*Scotland.gov [http://www.scotland.gov.uk/Resource/Doc/1035/0015238.pdf Caveat emptor].

−	[[Category:Other_legislation]]	+	* Scotland.gov [http://www.scotland.gov.uk/Resource/Doc/1035/0015238.pdf Caveat emptor].
−	[[Category:Property_law]]	+
		+	[[Category:Other_legislation]] [[Category:Property_law]]

Designing Buildings: moved Caveat emptor to Caveat emptor in property sales

2015-03-11T13:12:02Z

moved Caveat emptor to Caveat emptor in property sales

← Older revision

Revision as of 13:12, 11 March 2015