Caveat Emptor Fair?

[poppet2 13]

 Does 'Caveat emptor' only apply to auction properties, whether viewed or not? 
Some buyers could buy an auction property not knowing who the tenants are or when they last paid their rent, or if there are squatters in the property, or even if there are any keys. A ceiling may even collapse after purchase. 
Does it matter if this information isn't revealed in the auction legal pack? This can't happen to normal house buying so WHY only auction properties?  Surely you would expect some redress, even from a safety point of view? 

[andyofborg 11]

I think that if you are buying at auction you are supposed to make sure about all sorts of things before you start to bid. I imagine if the information by the auctioneer/vendor withold something important  then you would have a claim against them. 

 

 

[Carbuncle 0]

3 hours ago, poppet2 said:

Does 'Caveat emptor' only apply to auction properties, whether viewed or not? 

Caveat emptor 'applies' to all property sales. A lot of owners of flats in high rise blocks are struggling with issues around cladding that needs to be replaced. Pretty unlucky but they are unlikely to have any claim against the previous owner (unless perhaps if it was the developer).

[andyofborg 11]

15 hours ago, poppet2 said:

 Does 'Caveat emptor' only apply to auction properties, whether viewed or not? 
 

just out of interest, who would buy a property without looking at it? 

[Carbuncle 0]

7 hours ago, andyofborg said:

just out of interest, who would buy a property without looking at it? 

Somebody who thought they were seeing a bargain, had limited time to check and then made a hideous mistake, perhaps. Oh and they had a fair old chunk of money to hand.

[Jeffrey Shaw 90]

On 08/07/2021 at 15:03, poppet2 said:

 Does 'Caveat emptor' only apply to auction properties, whether viewed or not? 
Some buyers could buy an auction property not knowing who the tenants are or when they last paid their rent, or if there are squatters in the property, or even if there are any keys. A ceiling may even collapse after purchase. 
Does it matter if this information isn't revealed in the auction legal pack? This can't happen to normal house buying so WHY only auction properties?  Surely you would expect some redress, even from a safety point of view? 

It applies to all properties, and rightly so. As long as a vendor (V) does not lie when answering enquiries etc raised on behalf of a prospective purchaser (P), there is usually no obligation on V to volunteer information. The crux is exchange of contracts, inc. when the hammer falls at auction: V is obliged to deliver on completion the property just as it was on exchange.

[Carbuncle 0]

4 hours ago, Jeffrey Shaw said:

It applies to all properties, and rightly so.

I am not sure about the 'and rightly so'. In the consumer arena, the law attempts to protect ignorant purchasers from knowledgeable sellers. I think the purchasers of flats in buildings with substandard cladding deserved better and better law would allow them redress against the developers of those buildings.

[andyofborg 11]

11 hours ago, Carbuncle said:

I am not sure about the 'and rightly so'. In the consumer arena, the law attempts to protect ignorant purchasers from knowledgeable sellers. I think the purchasers of flats in buildings with substandard cladding deserved better and better law would allow them redress against the developers of those buildings.

isn't the cladding thing a slightly different issue to the usual problems which might arise from an imbalance of knowledge in a property purchase. people caught up in this probably did deserve a better response, but that might be better explored elsewhere.

[andyofborg 11]

18 hours ago, Carbuncle said:

Somebody who thought they were seeing a bargain, had limited time to check and then made a hideous mistake, perhaps. Oh and they had a fair old chunk of money to hand.

 bargain or not, if you don't have time to make the necessary investigations then maybe you shouldn't get involved. 

[ab6262 202]

20 hours ago, Carbuncle said:

I am not sure about the 'and rightly so'. In the consumer arena, the law attempts to protect ignorant purchasers from knowledgeable sellers. I think the purchasers of flats in buildings with substandard cladding deserved better and better law would allow them redress against the developers of those buildings.

Any purchaser has to use a solicitor and as such they are obliged to ask certain questions of the vendor to ascertain the quality of the purchase, with the current situation with cladding any solicitor not asking the right questions would be negligent.

[francypants 441]

1 hour ago, ab6262 said:

Any purchaser has to use a solicitor and as such they are obliged to ask certain questions of the vendor to ascertain the quality of the purchase, with the current situation with cladding any solicitor not asking the right questions would be negligent.

No they don't.   The purchaser can do all the necessary conveyancing themselves ( but it is advisable to use a solicitor )

[poppet2 13]

On 09/07/2021 at 07:04, andyofborg said:

just out of interest, who would buy a property without looking at it? 

Believe it or not, one of the presenter's from 'Homes under the hammer!!! " Yes, one of the presenter's. 🙄 Unbelievable. 

 

https://ascotmortgages.co.uk/blog/home-hammer-presenter-not-follow-house-buying-advice/#:~:text=One of the presenters of,of the property auction trade.span widgetspan widgetpan widgetspan widget

Edited July 11, 2021 by poppet2