Caveat Emptor

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"A maxim of Roman law, now part of British-tradition common law, that a buyer's omission to make funamental inquiries and inspection of property leaves the purchase of deficient property at the buyer's peril." This is the common definition of the Latin words Caveat Emptor, or "let the buyer beware". This rule has been assailed but it is too well established to be dismissed, therefore, buyers in a transaction to purchase lands or other real estate must take heed to see the the title he is buying is good. A person who buys a house without a third party inspection, who later seeks to reverse the sale because of some issue related to fitness for habitation may have no rememdy. This is caveat emptor and unfortunately this definition was not disclosed in a recent article in a daily newspaper, but the definition is readily available compliments of Google. In the recent article, the author mentioned a couple that purchased a home without the expertise of a buyer broker. It made note that the couple "saved" $2,000 on the purchase because a commission was not paid to the selling agent. Most buyer broker fees/selling commissions are paid by the seller and not by the buyer, so a savings is not necessarily related to buying a property without the advantage of a buyer broker representing your interests. This was not mentioned in the article, nor what services a Realtor provides during agency with a buyer. In addition to selecting appropriate homes in the appropriate price range for buyers to tour, the broker also provides expertise in neighborhoods and communities as well as up to date zoning, environmental and landmark issues. Brokers receive on going training and education in all matters related to the contracts to buy and sell real estate, contracts that protect both buyers and sellers. In a normal contract, the buyer goes through the inspection process, survey process, lending process, appraisal process and the due diligence of documents relating to the real estate prior to reaching the closing table. Buying and selling real estate has been anything but normal the last few years. Horror stories abound, many involved misrepresentation or no representation by a professional real estate broker. You actually do get what you pay for in this area of the economy, usually $2,000 rarely covers the costs to remedy. The internet is a marvelous tool for buyers to search on their own, saves time and eliminates the obvious during a home search. The internet cannot provide information or notice on the proposed Dollar Store strip mall that is going in across from the million dollar home for sale that looks like a "steal" because the seller will look at all offers. The internet will not help when the funds are not wired prior to the closing deadline. The internet cannot write an amendment to the contract nor negotiate the options. Protecting one of the major assets in a financial portfolio is more critical today than ever before, and the competence of a professional realtor is key. For more information on the services that I provide as a Realtor with over 30 years in the Denver area real estate market, email me at judy@kentwood city.com. posted: February 11, 2012 - Judy's Denver - Blog
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