Understanding Caveat Emptor

 Alabama is Different than most other States…. I can’t say for sure but based on my research, the only states that are still caveat emptor states are Virginia, Arkansas, and Alabama. When a person buys real estate in these three states, they need to fully understand it is their responsibility to make sure they know what they’re getting, that it’s in good condition and works properly. When the buyer does his due diligence to have the property inspected, their legal rights remain in place after closing should some latent structural defect appear. If a buyer elects not to have the proper inspection done, closes on the transaction and then a latent structural defect appears and the buyer sues for damages; numerous Supreme Court cases have ruled in favor of the seller and stated caveat emptor; the buyer is responsibility to inspect the property prior to purchase.

BUYER BEWARE

This is a topic I try to talk about in every class I teach because it is the most important and the least understood law. I intentionally try to scare real estate agents to get them to understand the importance of the law and the effects it has on people buying real estate in Alabama. Today I will tell you how to see the law as it is written, disclose the other states that have the same law, and explain the dangers and remedies associated with caveat emptor.

Caveat Emptor is the law in Alabama…..

The Alabama Supreme Court has held caveat emptor to be the law in a consistent line of cases. Everyone should be on notice that there is no warranty which comes with the sale of a used home.

Real estate agents were taught when completing their educational requirements to get their license that caveat emptor is a Latin [Read more…]

Coping with Anger in A Sales Transaction

Does Anger Affect Your Attitude?

Anger is expressed in many ways. I wish I could tell you when it is formed and the exact cause of it but I  can’t. It seems that anger is stirred by the minutest things these days. Is it possible that modern TV programs and movies promote anger to be expressed rather than kindness and humility? I know from experience that the older I get, the less patience I have and the quicker I am to state my feelings of frustration. Sometimes my expressions are less than desirable, because I speak before I think. Everything we say and do has consequences but at the time, the consequences weren’t important. I consider this type anger to be trivial. It’s not like I pulled a gun and shot somebody between the eyes. However, being a sales person, the result may be just as consequential to my financial well being. Showing dissatisfaction with a sharp tongue may cause a person to not want to do business with me.

Think how often anger interrupts your personality. [Read more…]