What is Caveat Emptor (“let the buyer beware”)?
Almost all real estate has an existing deficiency of some sort. Caveat Emptor (“buyer beware”) is a legal maxim that applies to the purchase and sale of real estate in Manitoba. A seller is not required to disclose all known facts affecting the value of the land which may be material to the buyer, and has no legal obligation to point out any deficiencies unless the defect is hidden, and is so serious that it results in a health or safety hazard, or renders the property unuseable. The legal obligations to a buyer from an agent who is representing the seller mirror these legal requirements. As a result, if a seller is required by law to provide information to a buyer, then his/her agent has the same legal and ethical responsibility. In very general terms, Manitoba law is as follows: – there is no implied warranty by the seller attached to real estate sales; – a defect which may be detected on a reasonable inspection is not one which requires disclosure by the seller; However courts have
