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Article: Did you get what you paid for? Caveat emptor stands for the proposition that a purchaser takes a property, with all defects of quality and condition, as he or she finds it.(Feature Report on Real Estate Law)
- Article from:
- LawNow
- Article date:
- July 1, 2007
- Author:
CopyrightCOPYRIGHT 2007 Legal Resource Centre of Alberta Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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The sale and purchase of a property is, legally speaking, a beautiful thing. The vendor and purchaser agree on the terms of sale. The terms of sale include such items as the purchase price, adjustments, closing date, warranties and conditions, and inspection dates. The terms are embodied in a written contract--the Agreement of Purchase and Sale. An inspection is done (to the satisfaction of the purchaser), the closing date comes, money and deed are transferred, and the parties live happily ever after.
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Yes, a property transaction is a beautiful thing, that is, until it's not, and the parties do not end up living happily ever after. ...