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Caveat emptor

A Latin phrase you'll probably recognise: buyer beware. It's used to indicate that the property is sold as seen.

If it turns out there are problems with the property, purchasers do not have the right to seek redress (compensation) after the purchase. It means the onus is on the buyer to find out the quality and condition of a property before going ahead with a transaction.

This is why it's so important to have a building survey carried out. Properties sold in auctions are nearly always bought under the principle of Caveat Emptor.