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…]

Where Is Your Loyalty?

Loyalty Creates Respect

Loyalty Creates Respect

I want you to notice the resemblance of the words loyalty and royalty. The word “Royalty” expresses its own definition. When we think of royalty we automatically think of kings, queens and distinguished people of great importance or things held in high esteem.  Loyalty means the quality or state of being loyal. To be loyal is to be faithful in allegiance to a person, thing, cause, ideal, or custom. Personally I think of loyalty as repayment in service for a kind act that has been done to me. We are loyal to our spouse by keeping our self only unto them. I demonstrate loyalty to my drug store by purchasing all my medicine from them and not shopping at other drug stores; when at all possible. I am loyal to my favorite football team by being a fan regardless whether they win or lose. I am loyal to my children by elevating my love for them above all others. My true loyalty is always expressed by my actions as well as by my words.

Personally I feel I should be loyal to people outside my family and closest friends. I select the place I want to buy my gas based on their price, location and quality of service. If I am pleased with the quality of services they provide, I will demonstrate my loyalty by buying all my gas from them whenever possible. They in return demonstrate their loyalty to me by continuing to provide me quality services. The expressions of loyalty between two people are characteristics that make living more enjoyable; the joy of knowing that people hold me in higher esteem than my competitors.

The Golden Rule is to do unto others as you would have them do unto you. Unfortunately everyone doesn’t live by that principle. [Read more…]