Ever wonder what that means? Caveat Emptor? Simply put, it’s that expression we’ve all heard “Buyer Beware!” In the Commonwealth of Virginia, real estate is still sold under the Caveat Emptor rules. Sounds scary – and sometimes it can be. What it says in practice is that a seller is not required to make any warranties or representations as to the condition of the property they are selling, leaving it up to the buyer to investigate and discover conditions on their own.
How to protect yourself? Always get a home inspection! No two inspectors are alike, and nobody’s perfect, but this will go a long way to ensuring that there are no latent defects in the property you’re getting ready to plunk down a lot of money for! Remember, a house is not perfect, and home ownership comes with the responsibility of on-going maintenance. (This is why some prefer a condominium.)
One ‘caveat’ — REALTORS are held to a higher authority, bound by our Code of Ethics; and we are, in fact, obligated to disclose any latent defects in the property if we’re aware of them – so rest assured, if an agent is aware of a problem, it will be disclosed.
Make sure when you begin your home search that you are represented by a buyer’s agent who will be there working for you exclusively. They should guide you through the process with ease.
As always if I can help in any way, I’m here –
Happy (rainy) Friday
Jennifer
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