You’ve done your homework, worked
with an agent, and located the perfect
choice in a new home. How can you be
certain you’ve covered all the bases?
What if you’ve missed some important
detail? The operative word here is:
“caveat emptor.”
That phrase - caveat emptor - goes back
a long way. Literally, “let the buyer
beware”, it means that you are
ultimately responsible for making a
successful purchase.
With that in mind, consider the
resources you have at your disposal
to make the right decision. The real
estate agent is an excellent source of
answers to specific questions such as
age of the home, recent repairs,
utility costs, etc. Concerns about a
home’s condition can be clarified by
having a home inspection. Your
accountant can answer questions
about taxation on the sale of your
home or help analyze different
mortgage options.
Most real estate contracts are
standard forms, with the blanks
filled in by the agent. Nevertheless,
you are free to question any and all
of it before signing. If you have
questions, consult an attorney before
signing.
Does “caveat emptor” mean you
have to be suspicious of everything?
Not at all. The individuals named
above have a moral and ethical duty
to provide honest answers to your
questions and concerns. The point is
that you have resources available
should you choose to use them.
