ELIOT WAGONHEIM: There does not necessarily have to be a disclosure that the vent in the second floor bedroom is faulty or there is a flickering light in the basement bathroom, but most of the restrictions require disclosure of certain things, structural elements, and major problems.
PETER HOLLAND: Let us assume that all sellers are 110% honest and they told you of every defect they knew about. They might not know that there are termites in the process of infesting. They might not know that up in the crawl space of their attic there is a leak in the roof.
STEVE LOVEJOY: Look what it is you are buying very carefully and inspect what it is buying very carefully. You should exercise the option to get a home inspection, no question about it.
PETER HOLLAND: Assuming good faith and honesty on everybody's part is still want to have a home inspector who can look through with object device who is trained in inspecting homes or trained as a contractor to identify those things that maybe or not known to the seller. Make sure that the home inspection is done on time in terms of the contract, usually there is a time limit. If you do not do the home inspection then you can get yourself into a situation where you are obligated by the house even though the repairs are needed.
ELIOT WAGONHEIM: You know for what you have to watch out in certain contracts is a contract that says you the purchaser is buying as it and I am not giving you any warranties.
PETER HOLLAND: This is the price, this was my grandmother's house, it is on the farm, there might be all kinds of problems and, if you want it, you buy it as is.
ELIOT WAGONHEIM: And in that case certain jurisdictions use that as contract overwrite a duty to disclose and will not hold the seller liable.
IRWIN KRAMER: You are really assuming all of the risk in it and as is contract.
STEVE LOVEJOY: It is whatever the market will bear and it is your risk.
IRWIN KRAMER: So, if you see those two little words, you got to keep two big words in the mind, "caveat emptor."
STEVE LOVEJOY: Caveat emptor means "buyer beware."