Caveat Emptor Explained (May The Buyer Beware)

Pitt Home Buyers | Caveat Emptor Explained (May The Buyer Beware)

Transcription: what’s up everybody this is scott johnson with pit realty group here and today we’re going to talk about caveat emptor yes i’ve been studying my latin what do you think caviar right um actually i i only speak english my spanish is like horrible but anyway so that wasn’t even spanish that was oh lord moving forward so caveat m tour is may the buyer beware that’s what it stands for so what does that mean for you as a seller okay well when it comes to selling your house in greenville north carolina you have to make certain disclosures and there’s a disclosure agreement that we’ll talk about in a future video where you can make representations and say okay the roof isn’t good person is in good condition check mark i represent that unless the ac is in working condition check mark i represent that but there’s this other little box right next to it that says no representation

what does that mean well you as a seller are not required to disclose certain things all right you you can or represent certain things all right you can choose not to represent them all right now it’s important to know that if you choose not to represent them but the roof is caving in or there’s an obvious issue just remember like i said in our other video your real estate agent has to tell the other person that okay but regardless caveat mtor means that even if you check no representation throughout the entire list right that buyer has to do their due diligence and see if that property is something they want to buy to have it inspected to have termites checked out or you know any type of invasive insects right to check for radon all right because radon’s a big thing in north carolina now it only is a real issue when you get up to i think it’s a 4.0 pico curies try try saying that five times fast fast pico curie pikachiri but so they it’s their responsibility to have those checks done and make sure that this property is something they want to buy and if they do all their checks and they do their due diligence and they end up buying the property and then something’s wrong well if it was a misrepresentation or omission on one of the real estate agents parts then it’ll fall back on them but if everything is honky-dory everything was disclosed and the buyer all of a sudden finds out oh crap i need to spend a thousand two thousand ten thousand dollars on fixing this inspire beware bro kind of a pain in the butt i understand and you know you can always go back and investigate it and see okay was this a material fact which make sure you check out our video on material facts all right and if it was you can kind of go from there with going to the real estate commission all that good stuff but ultimately it is buyer beware you’ve been given the amount of time needed the due diligence period to check everything out you should have had all of the inspections done ac regular full out inspection you know having the entire underside of the property checked all right checking the banisters the rafters all that you should have had that done but if you didn’t

sorry guys so it’s important to realize that caveat m tour or buyer beware is a real thing when you are buying a house in greenville north carolina do your homework do not rely on i mean the real estate agent is here to be a resource for you right and we’re here to we have they have a fiduciary responsibility to make sure they’re honest with you in all aspects of the home buying process and to make sure that and that you’re making the best decision but things fall through the cracks and if you just say okay i’m gonna buy this house and then sit there and go when’s closing again it may not turn out well it may turn out great i don’t know but you always want to make sure that you are doing your due diligence hiring the right help to go out there ask your real estate agent for any referrals on inspectors or you know uh you know um soil engineers if you have to have a soil test done uh you know even if you’re looking at putting a property there you need to have a perk test done to make sure that it’s actually go you’re gonna be able to put a septic out in that field all right buyer beware do your due diligence don’t mess around with this and if you have any questions make sure that you reach out with your buyer’s agent hopefully an exclusive buyer’s agent because if you don’t have an exclusive buyer’s agent and you put a property down you just watch the other video buy your own agency because if you do not have an agreement with that buyer’s agent and you put in an offer that buyer’s agent officially works for the seller now and has to tell them everything that you said right so just another mini thing on that but we have another video on it so anyway if you guys have any questions let me know i hope that helps you understand caveat and tour may the buyer beware so stay ahead of yourself do your due diligence if you have any questions let us know again this is scott johnson pitt realty group if you like this video go ahead and give it a thumbs up and you know be sure to subscribe so you are the first one of the first people to get these awesome videos as they come out we’re here to help you understand the home buying and selling process so feel free to reach out anytime also if you know someone who would like this video go ahead and share it because knowledge is power especially in today’s market thanks so much y’all and i’ll talk to you soon

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