What is Caveat Emptor is it still relevant in 2016?

onemoresell

So I have been looking on the internet (dangerous i know) and in quite a few places caveat emptor has appeared. I understand it puts the emphasis on buyers to do checks. I have looked around on the internet and it also mentioned consumer rights how does this work with caveat emptor.

Is caveat emptor it still relevant in 2016?

What can and cannot a seller of a property do?

What can and cannot a buyer of a property do?

I am interested as I am in the process of buying and selling my own property.

davidmcn

Generally speaking, "consumer rights" tend to be disapplied when you're buying (or selling) property on the basis that it's one of the few occasions when the consumer is employing professionals to give them advice and negotiate on their behalf. Also the other party is (usually) also a consumer so the negotiating position is more balanced then when you e.g. walk into a shop.

cloo

I think there has been a legislative change that puts more onus on agents to disclose anything potentially offputting they may be aware of, so it's less 'caveat emptor' than it used to be.

onemoresell

Is this where the TA6 document comes in? Is it more to do with title issue?

G_M

Caveat emptor still applies as an overall general rule.

However it is impacted by certain bits of leglislation/regulation and processes eg

* what agents can/cannot say/do
* what sellers put on form TA6 etc

Most of this is common sense:

As a buyer, assume you must check everything
As a seller, tell the truth (including saying you don't know, if..... you don't know)

Miss_Samantha

Recent laws means that agents and sellers must disclose all they know which has a material impact on the decision to purchase the property.

However, caveat emptor is still relevant and important because obviously there may be things that the seller genuinely isn't aware of. It may also be difficult to prove that they did know but withhold it.
And lastly, in any case, it is best to avoid issues after the property has been purchased.

davidmcn wrote: »

Generally speaking, "consumer rights" tend to be disapplied when you're buying (or selling) property on the basis that it's one of the few occasions when the consumer is employing professionals to give them advice and negotiate on their behalf.

Is this your opinion or the legal position?

davidmcn

Unlike most consumer rights you are still free to contract out of things like the TA6 or standard form contracts - they are really just ways of trying to streamline the process rather than compulsory e.g. you can demand your own bespoke set of warranties from a seller, and the seller is free to tell you they're not guaranteeing anything.

davidmcn

Miss_Samantha wrote: »

Is this your opinion or the legal position?

It's the legislative justification for why certain statutory protections don't apply in the purchase of property (or generally why some only apply in "business to consumer" transactions).

onemoresell

Apologies can you please explain the following statement with an example?

material impact on the decision to purchase the property

AdrianC

onemoresell wrote: »

Apologies can you please explain the following statement with an example?

Is it something that you can demonstrate would have caused you to change your mind about purchasing?

onemoresell

AdrianC wrote: »

Is it something that you can demonstrate would have caused you to change your mind about purchasing?

Could this not potentially be anything?